1. How to save UFT11.5 scripts in ALM and local drive at same time
File > Save/Save as.....if you are connected to ALM from UFT, you get option to choose in ALM.
2. How to Upload all scripts in ALM i. e i have written 100+ scripts and now i want to upload them into ALM
There are few utilities developed by users..you can use the same or check with HP...they might have a utility that can be provided on request as is without any support.
3. How ALM stores the Scripts, Mechanism of storage like it will store as a hole Script folder or a image, if it stores as hole script than it will be stored in DB or Server Hard Disk
You can store OR/datafiles/function libraries in test resources for central access...Refer UFT user guide for more details.
4. Is it possible to maintain the versioning in ALM,
Yes, ALM has buil-in versioning
5. If i use other versioning tool like GIT , Is it possible to take check out and upload the scripts into ALM
Yes, I don't think you can retain the history...as ALM uses it's own versioning system.