Unable to connect to network (dhcp) post upgrade

Dear All,
I'm a newbie Arch user, a couple of weeks ago I successfully installed Arch x64 + KDE4 on my desktop (dual boot with Windows 7) but after few days of the network failed during boot. I tried resolving the issue but couldn't. Since the installation was almost useless without a network, I formatted and reinstalled Arch.
The reinstall was successful but after a system upgrade with pacman -Syu, on rebooting the network failed again.
Since the network was configured dynamically during the net-install from a FTP server, I'm sure there is no hardware issue or problem with the network.
The network works flawlessly on Windows 7 but whenever I boot Arch, I get the following message:
::Stopping Network [DONE]
::Starting Network [FAIL]
(After it stays [BUSY] for a long period of time.)
After several tries of:
/etc/rc.d/network restart
Even if I get
::Starting Network [DONE]
On trying ping, I get:
ping www.google.com
ping: unknown host www.google.com
On trying to synchronizing the packages I get:
pacman -Syy
error: failed retrieving file 'core.db.tar.gz' from mirror.cse.iitk.ac.in : No address record
                                                             OR
error: failed retrieving file 'core.db.tar.gz' from mirror.cse.iitk.ac.in : Transient resolver failure
Even tried this:
dhcpcd eth0
but got the error:
dhcpcd[1805]: timed out
Lines from my /etc/rc.conf which is unedited after installation:
eth0="dhcp"
INTERFACES=(eth0)
gateway"default gw 192.168.0.1"
ROUTES=(!gateway)
I tried almost everything given in http://wiki.archlinux.org/index.php/Network
Also went through the forum posts and tried few suggestions but have no success.
Without a network my Arch installation is rendered useless.
I haven't even installed X leave alone KDE.
Please help me.
Thanks in Advance.
Last edited by kennethcyrus (2010-09-11 11:28:01)

Output of dhcpcd -d eth0
dhcpcd[1674]: version 5.2.7 starting
dhcpcd[1674]: eth0: executing '/usr/lib/dhcpcd/dhcpcd-run-hooks',reason PREINIT
dhcpcd[1674]: eth0: executing '/usr/lib/dhcpcd/dhcpcd-run-hooks',reason CARRIER
dhcpcd[1674]: eth0: broadcasting for a lease
dhcpcd[1674]: eth0: sending DISCOVER (xid 0x64f9e232),next in 4.99 seconds
dhcpcd[1674]: eth0: sending DISCOVER (xid 0x64f9e232),next in 8.97 seconds
dhcpcd[1674]: eth0: sending DISCOVER (xid 0x64f9e232),next in 15.56 seconds
dhcpcd[1674]: eth0: sending DISCOVER (xid 0x64f9e232),next in 31.50 seconds
dhcpcd[1674]: eth0: timed out

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