I am not able to find the Compile Tab in Project Properties in vs 2008.
Can someone help me out?

For which setting? What you are looking for might be under Build.

From ScottGu's blog,

Important Update: If you previously installed a VS 2008 Hotfix, you must run the HotFix Cleanup Utility before installing the VS 2008 SP1 Beta. Click here to download and run this.

I am sorry for not mentioning that I am using C#. Actually Compiler Tab is available in VB project's properties page and not for C#. I got this info from this link:
http://blogs.msdn.com/jgoldb/
Anyhow Thanks Jonsca and "adatapost".