I have uploaded the Quick-start package of the theme on my localhost server but when i opened any product details from Manage Products section to make modification there is no option for uploading or adding of images. I want to add images to my product.
It's very difficult for us to help you on this one, because we don't know what theme you are using, and it's unlikely many people will be very familiar with it.
Why don't you use the built-in tool to import images?
You only have to put all your images in
media/import and create a CSV with
SKU and the relevant images
thumbnail ... on the following columns