Hi Bharath and welcome to the Q&A Board!
Is it possible to manipulate an image and place it back into the camera to view it again?
Each camera has it's own folder and file naming system. Try naming your edited file in a similar fashion as to how they are named by your camera.
Also, don't know if it's the same for all programs that come with a digital camera, but the software which came with mine (called ZoomBrowser) lets you upload images back onto a memory card. If you have that feature, I'd use it.
A memory cards could possibly become corrupted if this is not done correctly so I highly recommend you call tech support.
Another question is are there any tools to translate an ordinary image into a digicam compatible image, i.e, transfer from ordinary jpeg to exif-jpeg?
Exif information is something a camera imbeds in an image (if it has that capability). I'm not sure if you can add EXIF data to a photo, but I'll look into it.
I do know you can add/imbed comments (iptc metadata) in images:
http://www.digicamhelp.com/what-is-iptc-metadata/If I haven't understood this question, please explain it a bit more.