No, it's 62 LINEAR INCHES. So that means length times height. If it was L x W x H, then only big wheels could get shipped.
I spoke to the manager of Terminal 3 (AA terminal) at O'Hare and got the guidelines printed out when I was traveling with AA. You could easily have a box fashioned out of cardboard and make it as thick as you want, take off both wheels and take down the handlebars, and stick it all in the box. Just make sure the linear dimensions are 62 inches or less. I've done that, and it's been fine.
When you get to the airport, stress they are supposed to look at LINEAR INCHES. Tell them it's in the computer and make them look it up if they try to charge you. When they look it up and read the guidelines closely, they will hopefully understand what linear inches means. Then pull out a ruler and physically measure it out for them. Be sure to only measure length times height. Do not take width into consideration.
You'll be ok. I've taken my bike on AA so many times it's not funny. Now that I know linear inches, I just ensure that I'm always under, and I haven't had any problems.
Koffee