Tejinder,
I understand your issue - monitoring isn't easy and to do it using MDA tables requires Mon access which some DBA's won't give (and security is getting tigher making the life of developers harder).
What exactly do you want to do?
If you go down the route of MDA tables then you need to write a process that continually reads this data and writes to another table as the data is transitory. The amount of data you get is huge - I'd recommend spending a month writing some tools. (Lucikly the DBA's here have written there own Monitoring based around MDA - its ultra impressive)
There's always auditing which enables you to turn it on for each proc you want to monitor.
We're restricted on this as the auditing dept use that so we can't do it.
What would be great if there was an option to turn on auditing which simply sends a message to a log file (maybe there is one I'm not aware of ???) or even just a quick udp message which can be intercepted elsewhere and logged.
I'm in the same boat as you - would be great to be able to have something like the SQL profiler tools.