My pedals are VP platform with sealed bearings, they are kind of new so I wouldn't think they are the problem. I recently lube the chain and tried to adjust the drive train the way Sheldon Brown recommended. However 2 of the chainring bolts weren't so tight (you cant move it with your fingers but when you turn it with hex wrench it turns on both side) because I didn't have the proper tool but I will do that tonight since I got the tool today. It is not the saddle because I ride while standing up and it still makes the same clicking...it is almost something hitting something on to frame, it is a very sudden and obvious, it is certainly coming from bottom bracket, pedals or drive train..it is not from the rear wheel or front or anywhere else...

I am going to try to find out till next week, if not I am going to LBS and see what they say..I am just affraid to damage the BB if that's the problem.

Thanks for all the help..