I am learning latex right now as a hobby and was working on beamer classes. What I would like to know is how to create your own themes for beamer. Can you please point out some good resources which would help me do it..I googled but could not really find some
You could try looking at some custom theme such as http://recherche.noiraudes.net/fr/LaTeX.php and altering it to fit your purposes.
There aren't many I know of - besides the documentation that comes with the package and the tutorials linked on http://en.wikipedia.org/wiki/Beamer_(LaTeX). Try asking on the various newsgroups (de.comp.text.tex if you speak German, I assume there are similar newsgroups for whatever language you prefer) - in my experience (La)TeX users are rather willing to help if you show some honest interest. You might want to hang around your local university's physics (or other science) department, that's where Beamer is often used for presentations.
Use the source, Luke. :-)
Find a theme you like and read the source code to figure out what it does. Copy it to your own theme package and change what you want to change.
You will need to need to read Part III (Changing the Way Things Look) of the manual very carefully, probably several times, to learn how beamer uses templates to place things on the page, colors, and fonts.
I used beamer for several years before I figured out enough about to start hacking at themes. So don't get discouraged.