Rohan,
While your mileage may vary, I found that the PMBOK was only of value to me as a reference to answer specific questions. I have never read it cover-to-cover. Even if you DO find value in reading the whole thing (and many have), I would NOT start there. I would START with the PM PrepCast - this will give you both a good overview to prepare you for further study as well as get you the credits you need to apply to PMI to take the exam.
After that I would use one of the well-known prep books (I used Rita's book) and then moved on to the exam simulations. If you want to read the PMBOK, I would do it after finishing the prep book.
Just my 2 cents worth. Good luck with your studies!
Tracy