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I assume you mean that you finally want to get a road bike.
You can get a purty good mid level bike for the cash you want. I would suggest that you start looking at Raleigh, KHS, Fuji, and the BIKE SHOP versions of Mongoose and Schwinn. These all offer very good value for the dollar. At first, I would avoid Trek and Specialized since they tend to have one level lower components for the same money.
Regarding the size bike you need it should be in the 56cm range BUT it is best to be fitted when you go to the shop since it is more than just standover height that is taken into consideration.
If you are in the UK, visit an Evans Cycles and take a look at their Pinnacle line. Excellent value.
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