Friends this is a simple command I use whenever I edit my conkyrc file:
$while true; do conky -q -i 10; sleep 3; done
Starting conky this way kills it and restarts it after every 3+10*n seconds, where n is the update interval mentioned in your conkyrc file. So, you can open ~/.conkyrc file in your editor run the above command. You would see the changes on the conky right on your desktop as it is restarted again and again. (please dont forget to keep saving the file as you edit it to make this thing work).
By the way, I have edited a conkyrc file i found on a webiste and finetuned it !! My conky is simply amazing now :) I'd post the file in my next post (and a snapshot of my desktop).