I need to run a console application within the execute method of a timer job in SharePoint 2010. Please guide me to do this by providing samples or links or hints.
Not sure why you would want to run an external application from a SharePoint timer job, however, you could try using the Process() class in C# (this isn't a SharePoint-specific example, but is how you launch external processes from .NET code):
Sample from: http://omegacoder.com/?p=119
I'm not sure if SharePoint will allow this, but it's worth a shot.