I have received mail from email id yah_awards@yahoo.com that I have won 2007 splash award. Is it correct ?

100% SCAM. Yahoo doesn't have lotteries or cash giveaways. If they did, you can be sure there would be a LOT of advertising for it all over their web sites. Just delete that email, and any others like it that you are likely to get. DON'T click any links in it, and certainly DON'T reply to it.