Lauterbrunnen walking and climbing in cable cars for three nights and three days.

"will spend .... three nights in this area. ... Preferably spending one night in Wengen."
Where will you spend the other 2 nights?
Lauterbrunnen is at the bottom of a U-shaped valley. Wengen is half way up the valley side above Lauterbrunnen. Mürren is half way up the other side of the valley. They are all linked by trains and it only takes a few minutes from one to another. No point in moving base from one to another.
See here for a topographical map of the area: http://map.schweizmobil.ch/?trackId=163368&karte=0.75

See also this tourist map, which shows the area and the trains and cablecars: http://www.mappery.com/maps/Jungfrau-Grindelwald-region-summer-map.jpg

"I will hire a car for my travel" - The road ends at Lauterbrunnen. Past there you must take a train or walk. The car will be sitting in a car park in Lauterbrunnen, which you will have to pay for, for the length of your stay.
Where are you coming from before Lauterbrunnen, and going to afterwards? The train system in Switzerland is such that in most cases trains are easier than cars for touring the country.

Thanks for information. Car is hired for travelling all over the country. It gives us liberties to stop at a desired spot. Being a photograpper I need to set up tripod etc. Car helps me in reaching at desired place in early morning.
As per suggestion I will stay at one place in centrally located hotel or hostel. But what if train or cable ride is not available to reach on higher level at early morning? If i stay on higher level i may get up early for photography and reach at desired spot without waiting for cable car.
I would also stay in Lavaux area for two nights. Mostly for visiting, for photography, vinyard terraces. Any suggestions?
Anand

I agree the views from Mürren are spectacular.

You can look up the times for the first trains and cable cars on sbb.ch
I would also recommend Klein Scheidegg, above Wengen, as a spot with good views.
On 21st May, the first train up to Kleine Scheidegg is:

Lauterbrunnen 07:07
Wengen 07:21
Kleine Scheidegg 07:50

The first train down the mountain from Mürren connects with this:

Mürren BLM 06:36
Lauterbrunnen BLM 06:57
Walk 3 minutes
Lauterbrunnen 07:07 (as above)
Kleine Scheidegg 07:50

If you want to photograph the dawn. One night in Kleine Scheidegg may be an idea.

Switzerland is a country best travelled by train, not car. You are not the first photographer to visit and you will have countless opportunities to take great pictures even if you're not driving. You should reconsider this.

You'd be amazed to see that real everyday people travel on the trains/gondolas and manage to never own a car ;-) Yes, to most Americans that's a real eye-opener. Skis, Tripods, Baby Strollers, etc all fit nicely onto the train and no one gives it a 2nd glance. It's all perfectly normal. In Switzerland some of the most beautiful areas are not even accessible by a car so it's best to use the wonderful transportation provided.

thanks for the suggestions. I am reconsidering my plan of taking car. One of the reasons of opting car was cost. The car will cost about CHF600 but the cost of second class train pass for three people for fourteen days is more considerably. Any way if we three go by train will train pass give free rides on cable cars? or at least concession?
In any case Lauterbrunnen area is accessible by train and cable car. We have booked room for three nights at Murren. Could any one suggest as Itinerary? I have already taken note of earlier suggestions.
Can i get god pictures of the waterfalls? Suggest me any particular waterfall with availability of light.
anand

The Swiss Travel Pass does cost more than the car rental, especially if you choose the version for 15 consecutive days at about $460 per person. However, it fully covers many of the lifts and local transport that you would pay for separate from your car rental, and covers lake boats and museums, and gives 50% discounts on most of the higher mountain lifts (but only 25% off Wengen-Jungfraujoch). It gives you hop-on convenience for all the fully covered items, so you only stop to buy tickets for the discounted routes. You can see some sample lift prices on our Swiss page or more detail on the SBB and Jungfraujoch web sites; like much of Switzerland, they are not cheap.

There is also the option of a Half-Fare Travel Card, about $125 for one month, which gives you 50% discounts on all public transportation (not museums), buying tickets as you go. This would certainly be cheaper than buying full-fare tickets for two weeks, but may or may not add up cheaper than the big pass, depending on your routes. It's also possible to buy this for use on lifts and local transport when you have a car.

You probably won't burn much gas in this small country, but parking and other car usage costs can apply.

Murren is a village perched on the edge of a cliff. No cars (well except for the fire department). So you'll be parking your car and taking the cable car up there anyway, I wouldn't be surprised if they charge for parking.

You will see so much in Switzerland worth photographing that your memory card will burst.

You don't have to purchase a 15 day Swiss Pass. There are many versions of passes for the Swiss Transport System. Look at the Half Fare Card. With it every trip is exactly 1/2 price. You'll get a bigger discount on the super expensive Jungfrau trip from the Half Fare Card than from the Swiss Pass.
Murren is a wonderful location, and you'll never stop talking about it's grandeur. It's just unbelievable!