Stand-over height is just the height of the top tube from the pavement. measure your inseam from your groin to the ground. It should be at least an inch or two taller than the top tube stand-over height.

As a short guy myself with a 30-inch inseam on my pants (and therefore, probably at least 33 inches to the ground) I'd say you'll probably be okay unless you're an oompah loompah (or maybe a jawa)

As far as frame sizing goes, I've found that many people will tell you there's some magic formula for a frame size based on your height, inseam, etc.

Forget that noise. Go to a bike shop and pick out a few models of bikes you want. Let the LBS adjust the bike for you, and play around until you find something that fits YOU the way you want.