Sasidhar,
if you are using BTS 2006, once you turn on message tracing, you can drill down to the message with the admin tool. Nice.
If 2004, then it's much less transparent, but if you turn on tracing you can eventually get to the message body using the HAT tool. If I remember correctly, you get the option in HAT to save the message, and it saves two files, one of which is the body.
John D.