Is it possible to selectively deliver the files which have been checked into a single change set? For examples i have 5 files checked in to single changeset i want to deliver only 3 for now. If not possible, how do i redo this and create a new changeset and deliver?

I think you can break up the change set by doing the following:

1. Create another change set.
2. For the files you need to immediately deliver, you can move them to the newly-created change set by expanding on the original change set in the Pending Changes view, right-clicking on the file(s) you want to move and select Move ->  
3. Deliver the new change set.