Hello Vicky,
you can implement QoS on a point to point link the mechanism to be used is Class Based Weighted Fair Queueing with Low Latency Queue.
the low latency queue is a priority queue that you should use for VoIP RTP packets.
you can use modular QoS to define traffic classes and you associate each traffic class with a queue.
the resulting policy-map is applied outbound on the point-to-point interface
You can reuse config templates for MPLS facing links. The configuration has to be performed outbound on both sides of the link.
see
http://www.cisco.com/en/US/tech/tk652/tk698/technologies_tech_note09186a0080094660.shtml
Hope to help
Giuseppe