Is it possible to use HP Quality Center as project tracking tool. i.e. Project Status, Progress on Projects in Percentage, QA Resource Utilization, Dates for Different Milestones, View Projects - Resource Wise, View Projects - Status Wise, View Projects - Area Wise etc
The short answer is that you can create something very basic, but I don't think it is very recommended.
QC was not intended to do what you are asking, so much that HP/Mercury has a separate tool called IT-Governance that does that - it helps IT teams to manage their internal project management system. This tool is mainly focused on large organizations with very complex project flows handling hundreds of operations and workers (at least this is how I see the product).
Having said that, I think (and again, this is my personal opinion, not based in anything more than experience) that if your needs simple enough you can try to use QC to manage your team.
QC doesn't have any Gantt, time-tracking, resource utilization and/or optimization engine, but you can use the bugs functionality (together with the workflow engine) to manage all your tasks. You can additionally use the excel reports system (on QC 9.2 & Up) to create some reports to show you the status of your projects.
This is a very sub-optimal system to manage a team, mainly since this was not the intended purpose of the tool (at least not to my knowledge).
Have you tried looking at project management systems? There are plenty on the web today, many of them hosted and some even offering stripped versions for free, and at any case for a price comparatively lower than what QC takes for a floating license...