How can i create and run visual basic projects in ubuntu. After creating them in ubuntu would it be able to run in windows (visual studio). If there is a way then plz suggest me and software for it.
Use can use MonoDevelop to develop .net applications on linux.
If you only use libraries available cross platform then the built binaries will run on both windows and linux. Provided you are careful about new line characters(use Enviroment.NewLine) and path seperaters (use Path.Combine)
MonoDevelop does have some vb.net support, but the c# support is much better, (in some cases better then visual studio). If you are serious about cross platform .net then you should consider using c# rather then vb.net.
This is what I have done for my project Wide Margin which uses c# and runs on linux and windows.
To run VB programs you need the MS .NET-Framework, which only runs on Windows. To use the VS IDE, you need to install WINE (Wine) and then install Visual Studio inside WINE. I cannot promise whether you will be able to use Visual Studio properly, but it's worth a try.
Several BASIC interpreters are mentionned in a previous thread. Those would probably handle only console-based programs.
To handle the Visual part, you may want to try Mono
Note however that Visual Basic and Visual Studio are Microsoft products and therefore genetically tied to Windows' innermost core.
To write programs that run seamlessly in both worlds, I would suggest that you jump ship altogether and give a try at Java and Eclipse