How you can create custom login and register page in wordpress? I wish to show the login and register page in the present template itself. Can there be anyway to exhibit these pages within the content part of the site?

You have to write it on your own.

See function reference for more information. Especially wp_signon and wp_create_user functions.

Things I did was installed a wordpress plugin known as Custom Login Pages and hang the header and footer within the login page. Hope this can help!

This post points you within the right direction.