I tried booting MMM from exploit, but MMM file was .dol format instead of .elf. Can I convert it to .elf if possible? Please help and thanks
Yes.
Use this tool:
http://wiibrew.org/wiki/Doltool
I've seen this question asked before and it's surprising no one remembers this tool. For a while when HBC released an update that made old ELF files incompatible, people had to use this tool to convert them to DOL until all their homebrew updated. That's the only reason I know about it though.
I wasn't sure if it could convert them back to ELF though, but I checked and it does.
are you telling me that all homebrew and usb loaders will work on the wiiu??!! if thats true than my wii is going and i'll be getting a wiiu next week!
Homebrew yes. USB loaders, probably soon. Right now there is no way to install a cIOS but since crediar has already found a working IOS exploit, it's likely WAD installing and cIOSes will not be too far behind.
However, it might take a while since apparently vWii IOSes are coded to block installing system menu updates and IOSes (taken from the Wii Mode keys thread).
Right now you can run homebrew using SmashStack, and run out of region games with Gecko OS.
Emulators work, but you can't install system titles, so no HBC. That means every time you want to run or switch homebrew you have to start SSBB in order to use SmashStack.
Not a very convenient way to run homebrew, so I probably won't bother with it at all and I'll just use my Wii for that. Plus, I don't have SSBB.
A HBC update will probably be released as soon as Wii U is out in all regions since there is already an IOS exploit found by crediar, so when I get my Wii U on Nov 30 it'll probably be possible to install HBC shortly after.
I hope USB loaders will work on Wii U soon so I don't have to keep my Wii connected all the time. I might even sell it to GameStop. However I don't know if they'd accept it when it's missing the stickers covering the screws. I still have them though, they're a bit mangled but GameStop won't check them that thoroughly.
No guarantees as to how soon USB loaders might work, I'm guessing IOS installation will be possible soon, but I might be wrong.