Guys,
There was a mis-communication internally between the support team (Nipun) and the development team. The plugin available from the IBM Clear Case site that Nipun refers to above is a ZIP of the plugins, and not a local archived update site that would be required to use the functionality that Nipun outlined above.
The confusion came from the fact that we are internally QA’ing a new updated release of Pulse right now, that when released will add-back the ability to drop these plugins into a /dropins folder under your MyEclipse directory and have MyEclipse load them up for you just fine, like Eclipse 3.4 and you’re all set to use Clear Case.
So for the immediate future, you cannot actually install these plugins in MyEclipse 7.0 right now — we are working on an update that should be out sometime next week that will correct this. We are really sorry for the delay in getting this out.