Can playing against Computer help? I am a begineer level player on chess.com with rating around 1500. I play daily 2-3 games with 15|10 mins time control for each player. I find it difficult to get time to study chess books, and was thinking of playing against a Chess Engine. I have Shredder Chess installed in my system.

How can I make use of it to help improve my games. I set it at the highest strength and play though I have the option to take back and replay my moves. How to make the best use of the Chess engines?
For computer engines it is much harder to simulate a "human" style than just playing good. If you want to improve your play against humans, play against humans. Use the engines to analyze your games. As already commented, fast or blitz games (but please not faster that ~5 min, as the "quality" of the games decreases rapidly at this point) are a good way to learn to "see" quickly dangers and opportunities, and to have more tactics as usual on the board (as positional play becomes only important after you don't lose most games tactically). 

I recommend lichess.org, which is free and offers (at least) three nice features: Computer assisted error checking after games, training positions from real games, and invitation by eMail