I have h1, h2. ... h5 on my site so can i make this tags also as a hyperlink. Is this gonna hurt my ranking.
You can do it. It won't affect your rankings. I would only do this if I needed to have a really big link though and it might look stupid. Whatever you do don't do it to get better rankings.
Even though it doesnt hurt ur rankings hyperlinking H1 tags may look weird..hyperlinking H3 H4 tags is ok.. Why do u wanna hyperlink H1 n H2 tags anyways??
No it won't hurt your rankings. But what will be the destination URL of your H1? And why would you do that?
This is how i made my site with h1 - h5 tags. http://www.fancyparishilton.com/paris-hilton.html Is good to live like it is
Google doesn't pay attention to H1 and H2, so it doesn't hurt your rankings in google. Yahoo and msn will be more like that.