Hi Mahesh,
As mentioned by Sree, open doc is the way to go for creation of deep links to the reports.
For the next two questions, I would recommend looking into the CMC documentation. You ideally want to create a group who has View, refresh and edit access without giving them save right to the report folder. (pg 860 onwards)
http://help.sap.com/businessobject/product_guides/sbo41/en/sbo41_bip_admin_en.pdf
The users have admin rights on their favorites folder, but you can't force them to use a specific name there.
Hope this helps