i know ospf converges faster than rip, but also floods the entire network
Flood is a relative term. OSPF does a good job of controlling the spread of that information. Multi-area OSPF design permits you to define boundries for summarization to prevent the spread of unnecessary information. If the network is designed properly the "flooding" wont be a major issue.
i dont have much knowledge of this but i have heard a lot about ospf algorithm.although i dont know that how it works but i think that it is the fastest one.
ospf is good but in the case where an entire network is running OSPF, and one link within it is "bouncing" every few seconds, OSPF updates would dominate the network by informing every other router every time the link changed state.