I'm trying to get a gist of how much a large ec2 instant ( 64bit 4GB RAM ) would cost, without the bandwidth & incoming/outgoing requests.
If i were to start an instant and keep it running for a day, how much would it cost me ?
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Depends on whether you want a fixed price instance, in which case the current daily rate is as Matthew says, or if you're prepared to use a spot priced instance, where you bid a maximum price and get a running instance as long as Amazon's spot price for that instance type (which is based on supply and demand) stays below your bid. The price for a large spot priced instance right now is 12.5c / hr for UNIX/Linux and 20.7c/hr for Windows, which gives you $3/day Linux/UNIX or $4.97/day Windows.
You could also use a reserved instance, where you pay an up front fee and then get a reduced hourly rate for a fixed period.