Can we make the custom object Name field a LookUp or Master-Detail in Salesforce?

Hello Shariq,

Effective Summer '13, you can reference fields from the account owner using the following syntax:

Account__r.Owner.SomeField

The syntax is a little different depending on whether the object supports Queues as owners, or just Users. For more information, see "Using the Owner Field" in Tips on Building Formulas.

However you can't create a lookup to the owner, because there isn't a lookup formula field return type and you can't update a lookup field using a workflow field update action. Yet.