Today, while referring to some forums, I came across the procedure (in bits and pieces) to save a XML spec of a Report Studio report to your local disk.
The screen shots below explain the process.
First the lfa.dll file available in Cognos\c8\bin folder has to be copied to any other folder.
Here, I copied the file to My Projects folder in My Documents folder.
Run the command at the command prompt: regsvr32 lfa.dll This will register the dll file into windows.
Security settings for the Local network zone are to be changed from 'Custom level'.
Change the Active X settings in this window to 'Enabled'.
Go to Tools -> Options.
Set the 'Allow local access' check box under advanced tab.
Select File -> Local (Save As)
Select a location to save the XML Spec file.
The XML spec file is saved on the Desktop.
Hope this is helpful to all who are trying to achieve this.