Shruti: Can you place any other php page on /var/www/MYDIR and see whether it is visible or not?
If mod_rewrite is enabled and it doesn't work you might try two additional things:
<Directory "path_to_elgg_root_directory">
AllowOverride All
</Directory>
RewriteBase /MyWebCom.com/
If you have placed the source code in /var/www/elgg-1.8.0.1, the url for your site should be http://localhost/elgg-1.8.0.1/ unless you have edited your apache configuration. I'm surprised it installed like that.
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