Erik is
figure 2 & 3 are labeled as
Figure 2. ISP Flow Chart
Figure 3. Typical ISP Implementation

If So I have gone through it a couple of times now

now what I understand is If I want to implement the touchless ( your method ) of ISP , then I connect a reset generator to RST elliminate the RC Circuit to be sure I get a proper reset ( please suggest me one easily available in Indian market and where in Mumbai)
connect to Flashnagic on PC via Max232 and also connect EA to VCC , Once I have finished programming I need to disconnect EA from VCC so as to execute system code upon reset by watchdog.

Also any specific IC I can use?
Thank you

Deepak