So, this is not like other problems. I have basically one question
Android project build system uses the Android.mk files.
Is there any eclipse plugin out there that parses through the mk files and allows me to load those projects into eclipse ? essentially import Android.mk file project...
You can import the whole Android sources into eclipse. The instructions are here. Then you should make some modifications (for instance, include android-common_intermediates/javalib.jar instead of google-common_intermediates/javalib.jar) and you will have possibility to develop in eclipse.
Eclipse separates Android sources to several projects by itself(I think according to classpath entries). If you want to change this behavior you should look in this direction.