Hi Ramesh,
due to some reasons I cannot store the various log files in the hard disk... I don't need to store those log files in permanent memory (i.e. in disk), i can afford to loose after the system is switched off....
Try ramfs. That's a file system that will allow you to store the files in RAM. It's pretty interesting and very fast! Used that for some project earlier where we kept the MySQL data in the RAM ;)
Here's an old but interesting article: http://www.linuxfocus.org/English/July2001/article210.shtml
HTH.
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