Hi Pavan,
To design a wavelet one should satisfy the Axioms and Admissibility condition for wavelets. Any signal satisfying that admissibility condition is a suitable candidate for being a wavelet.
By useful wavelet i presume your saying useful for the applications. Well actually which wavelet would be useful, depends on application to application. Their are many wavelets designed so far, but which wavelet to choose depends on what is required from the application.
Thanks
TA