Yes you can most certainly connect to mySql using root. It took me about a week to find the solution to the same problem and with many posts. Funny, none of the posts could help. It was eventually the MySql ref. manual that gave the answer - you need to reset the roots password and permissions.
The link below gives you a step by step which worked for me. The second link gives you more options as well, although the first was fine for me.
Deepmadan, as I said previously, I had major headaches sorting it. I have un-installed MySql completely and then went and re-installed to all its default values. I have then flushed privelages and it worked for me. I am attaching a small sample that I am using in vb6 to connect and create my tables. Try it out and see if it works for you. It is quite rough, because I have used this as a sample and from there I started my application. It test connection, shows databases and tables.
You can also download MySqlcc (just search for it) which connects to MySql, and it is much better than the MySql management console.
You will also note that I have used older drivers, 3.51, but that should not make a difference.
I really hope you find the solution because I know what you are going through.:D