Venkata,
The trial version is a full function version. You only get access to all MyEclipse functionality for the period of the subscriptions; in the case of the trial subscription, this is 30 days.
Hot deploy is supported but you should start the server in debug mode to get that functionality. If you are doing this and still seeing the error, please provide more information about what you are deploying and how you are deploying it, including the deployment mode and deployment type (deployment mode is in the server connector configuration, deployment type is specified when deploying). What code are you changing and can you check whether those changes actually make it to the deployment location (perhaps by checking file dates).
Also, please post the installation information found at MyEclipse->Installation Summary->Installation Details.