Can I install Android on my NOKIA 5800XM? If yes, which version and after installing Android, do I have to face any problems?
I don't think this would be possible. Android OS are built for specific hardwares which will not be compatible with nokia hardware.
Running Android on a device requires some Hardware manufacturer support (at least for drivers). Otherwise a community of a very skilled programmers whose sole purpose is bringing Android support to that device. Xda-developers supports many devices that are left to death by their manufacturers, however this process is very hard and the success rate is dependable to many things, including the hardware limitations like RAM, usable disk size, cpu power etc. Unfortunately, many powerful and known phones of 2-3 years age are still not supported. This is a (near) mission impossible situtation.
yap mission impossible situation:)
You cannot install Android on your phone as there are no Android ROMs available for your phone.Moreover,it'd even not possible to install latest version of Nokia Belle due to high hardware requirements.
There are certain risks associated while flashing a ROM such as phone getting bricked,burned out etc..It will definitely void your warranty.