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What are the preferences I should enter in these cells? Please give me the full paths
The link you have, while saying MacTeX 2011, is actually pointing to the download for a part of MacTeX 2012 which works only with a DVD containing 'vanilla' TeX Live. This should get fixed on the website: I will report it. However, what you want is the latest MacTeX. That's always available from the link http://www.tug.org/mactex/ (note: no year), and on that page you want http://mirror.ctan.org/systems/mac/mactex/MacTeX.pkg, which is the full Mac installer, about 2 Gb.
I don't know if this might help. Here are the settings of the automatically set preferences of TeXmaker 3.5.2 on Mac OS 10.8 (Mountain Lion)
Settings file as suggested in the comments by @texenthusiast