Thanks!!! I have more questions
If I import my private key, will I also need to update the blockchain on the client or will my coins show up in my client without the complete download.
I also want to know will I need to update the blockchain in my client if I want to send the coins to another address at a later stage.
Thank you all for your help
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You'll have to keep the blockchain current to see and spend the coins, but if you've already downloaded it you won't need to download it again. When you add a new address, the client scans through the blockchain to determine how many coins the new address has and which outputs are available to spend, which may take a while (and cause it to appear unresponsive) but doesn't redownload anything.