If I go to the Colorado Cyclist page on how to measure yourself for a bike, It looks like I would actually be a 55(cm) frame rather than a 54. Here's how I calculated:

Inseam=32.25
In (cm) = 32.25 X 2.54=81.915. let's say 82cm

Frame size is calculated by two formulas:

Center to top tube:
Inseam 82(cm) X .67 = 54.94 or 55cm

Center to Center:
Inseam 82(cm) X .67 = 54.94 minus 1-1.5cm for additional difference between C-C and C-T.

So depending on the manufacturer, you would have to measure either C-C or C-T to get the right frame size. ARGH! tough to buy over the net.

Here is the link for these calculations:

http://www.coloradocyclist.com/BikeFit/index.cfm

Thanks to everyone who submitted a reply. I think I am not gong to buy the bike online but rather get fitted properly by a bike shop and then apply those measurements to buy a new bike. Just hope that it comes out OK.

Thanks again!