If you are planning to install SharePoint 2010 foundation in your windows 7 machine, there are very good references out there in many blogs. But after I installed it I was not able to create new web applications.
I noticed, I was an administrator account with different name than administrator. I found here that we can enable in built administrator account.
I enabled administrator account and added it to managed accounts and farm administrators group.
After trying so many things from forums, finally I got everything working in SharePoint Foundation in my machine!