I had an android mobile whose version is 1.5 , in that device, can i see the application in the market whose versions are 1.6 and above, is it possible to do this.
No, you can't. Being able to see applications targeted at higher Android version is useless, because it won't install or run anyway.
Only one way to find out. Try it.
It won't matter. You can only run apps where the developer has either set the target to Android 1.5 or the mintarget to 1.5 (with a target to 1.6+, meaning they'd have to be careful that Android 1.5 doesn't make API calls that do not exist yet for 1.5).