I have adsense account with google. if i apply for adwords account, will it deactivate my adsense account or my adsense will keep on running.
You can run AdWords and AdSense on the same page, but Google watches you carefully and expects to see some "added value" on your website and landing page, so that there is a positive user experience. Naturally, this is all subject to Google's interpretation. I knew a company that used to do "Google arbitrage" (trying to gain from the difference between AdSense and AdWords) and they got "slapped" both ways: the AdSense check didn't arrive and AdWords quality scores dropped to 1. Nowadays I doubt if anyone can reach CPCs low enough to make it profitable, and it's also not a sustainable business. Therefore bringing some significant value to the user is essential, both morally and practically. (But take a robust interpretation of "added value")
You can absoluetly run your PPC, Google Adsense & Google Adwords both are different product of Google.
You can apply for adwords account. Google won't deactivate your adesnse account until and unless you are abusing it.