We can index the table by right-clicking on the table name in SQL management studio and clicking on Full-Text index.
This option is present but is 'disabled' (appears in light gray) in my management studio.
Also MSDN blogs points out regarding MSSQLFDLauncher. This is also absent in my case.
http://msdn.microsoft.com/en-us/library/ms345189(v=SQL.100).aspx
Any help would be highly appreciated