I know VB.NET and i want to develop a program. Which i think later will be open-source if i fail to keep updating it. My question is : Is it possible to build open-source project by using .NET languages ? Or do i have to build open-source projects only using open source languages like Java,Ruby, Python etc ? ( I mean is there any restriction from microsoft on building open-source projects using their langauge and tools ?)
You can distribute your source separate from the platform, so the answer to your question is yes. Your clients will have the .Net platform, and they can download the source or binary for your solution.
Don't forget that Mono is available as an alternative .Net platform, and open source, so you can provide an entire open source stack (if that's really important to you).
There are plenty of open source .NET projects, e.g. BlogEngine.NET. Check codeplex.
As people have said, there is not a licensing restriction. On the other hand, you can write code that effectively has (proprietary) dependencies that you didn't think of, even if you use an Open Source license. For example, you may need the full version of VS to build software with some features, and IIRC Mono doesn't support VB as well as C#, and can't support other features.
The most important issue is really about communities - open development is more prevalent in the languages around some communities than others. C# is probably a better choice than VB if you want to use or contribute to .NET Open Source.
There's certainly no restriction from Microsoft on developing open source programs with their tools. In fact Microsoft say they are trying to build bridges with open source developers, for instance by sponsoring conferences and helping projects get started and funding a foundation to help open source be used commercially. For more see here or here.