How to remove Create and Edit... from many2one field.?
I don't have much idea. Maybe for that you have to make changes in web addons. 
But an alternative solution is that you can make that many2one field selection. Add widget="selection" attribute in your xml.
<field name="Your_many2one_field" widget="selection">
Please advice me How to remove "Create and Edit..." from many2one field.?
that item shows below in the many2one fields which I filtered with domain option.
OpenERP version 7