msariman,
We do not have a dedicated tutorial for servlet deployment to Websphere.
Please check these links for a quickstart :
http://www.javatpoint.com/creating-servlet-in-myeclipse-ide
http://www.jguru.com/faq/view.jsp?EID=1044409
I suggest you also look up on development forums like stackoverflow.com.
For Websphere hot deployment, run the WAS7 server on Classic Mode (Exploded mode).
Also the server should be running on Debug mode. There is a new deployment mode called In-Workspace mode we introduced from MyEclipse Blue 9.1 which speeds up deployment. Give it a try and see if it helps in your case.
Let us know if you see any issues deploying to Websphere.