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Rajiv KocherlaRajiv Kocherla 

Q) OR(ISPICKVAL(Opportunity.StageName, "Closed Won"), ISPICKVAL(Opportunity.StageName, "Closed Lost")) Can somebody make changes to the validation rule so that we can set new records stage to closed won and after that if we edit only then it should throw

Martha VMartha V
Rajiv,
post the formula you want to change again, it got cut off
Rajiv KocherlaRajiv Kocherla
OR(ISPICKVAL(Opportunity.StageName, "Closed Won"), ISPICKVAL(Opportunity.StageName, "Closed Lost")) 
Rajiv KocherlaRajiv Kocherla
Martha, With the Validation rule i mentioned i see that this works only on those records which have "Closed Won" or "Closed Lost" selected prior to implementing the validation rule. How about those records that needs to be validated after the validation rule is active. 
Raj VakatiRaj Vakati
Use this validation rule 
  
AND(
NOT(ISNEW()) , 
OR(ISPICKVAL(Opportunity.StageName, "Closed Won"), ISPICKVAL(Opportunity.StageName, "Closed Lost")) 
)