I am trying to implement SherlockActionbar. I downloaded the project from GitHub and imported the library as a Project and using Android 2.2 as the base SDK.
But the Project seems to have a lot of errors.
Guess i need to import some other library.

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You need to compile with Android 3.2. The library needs access to classes from the Honeycomb SDK in order to support it when run on 3.0+
Despite compiling with the newer SDK, you can still support back to Android 2.2 by setting the
minSdkVersionto ‘8’.Each of the samples in the repository (for version 3) support back to Android 1.6. Take a look at their sources for more information and examples.