ORA-27058: file I/O question parameter is invalid
Cause : internal error, invalid query is being asked
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
check for trace file and contact Oracle Support
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.