With Oculus Rift, Project Morpheus from Sony I think VR is going to be next big thing. I am kinda stuck about where and how to start getting my feet wet in VR application development. Any inputs on the same is really appreciated.
I always recomend the practicle approach. First, try it, then think about what you can do with it.
Oculus VR Development Kit 2 is available, you can order it and try it by yourself. https://www.oculusvr.com/order/
With the development kit you will probably have access to some technical documentation to help you on how to use it.
Concerning Sony's Project Morpheus, I don't see any links to order a development kit, so you're pretty stuck regarding this one.