I did a lot more research on this and finally got it to work. The Geoserver Proxy Plugin didn't work at all and a lot of the proxy scripts I found were python or cgi, which wouldn't work for me either. I ended up setting up application request routing on my IIS server by following this tutorial:
http://www.iisadmin.co.uk/?p=326&page=2
Just follow the instructions in the website.. you have to install a software (ARRv2_setup_x86_en-us.EXE file)... Just search for that in google and download according to your OS spec..Again just follow the website instructions.
After the installation just follow the below mentioned instruction..
I had to change the URL Rewrite rules. The pattern I used is ^geoserver/(.*) and the Rewrite URL is
**http://localhost:8080/geoserver/{R:1}**.
and apply the rules
Works like a charm!