  In this paper we implement an improved (error sensitive) Richardson-Lucy
deconvolution algorithm on the measured angular power spectrum from the WMAP 3
year data to determine the primordial power spectrum assuming different points
in the cosmological parameter space for a flat LCDM cosmological model. We also
present the preliminary results of the cosmological parameter estimation by
assuming a free form of the primordial spectrum, for a reasonably large volume
of the parameter space. The recovered spectrum for a considerably large number
of the points in the cosmological parameter space has a likelihood far better
than a `best fit' power law spectrum up to \Delta \chi^2_{eff} \approx -30. We
use Discrete Wavelet Transform (DWT) for smoothing the raw recovered spectrum
from the binned data. The results obtained here reconfirm and sharpen the
conclusion drawn from our previous analysis of the WMAP 1st year data. A sharp
cut off around the horizon scale and a bump after the horizon scale seem to be
a common feature for all of these reconstructed primordial spectra. We have
shown that although the WMAP 3 year data prefers a lower value of matter
density for a power law form of the primordial spectrum, for a free form of the
spectrum, we can get a very good likelihood to the data for higher values of
matter density. We have also shown that even a flat CDM model, allowing a free
form of the primordial spectrum, can give a very high likelihood fit to the
data. Theoretical interpretation of the results is open to the cosmology
community. However, this work provides strong evidence that the data retains
discriminatory power in the cosmological parameter space even when there is
full freedom in choosing the primordial spectrum.
