Bike Storage - seriously!

The winter months are looming here in New England and I'm starting to think about what to do with my bike this winter. I know, I know, I could buy a trainer. And I know there are the lucky bunch of people who live in areas where it's warm year round. And there are the hearty souls who will hop on their bike as soon as the temperature goes above 32 degrees.

Since I don't have room for a trainer, and I don't like riding when it goes below 50 degrees, I'd like some advice for what to do with my bike! Should I let the air out of the tires? Should I suspend it on a rack? Is there any effect on the tires leaving it all winter leaning up against the wall in my basement? It's a road bike, no shocks, but it is my baby!

Thanks!

One of my bikes is in my bedroom, the other is in my livingroom. They're just leaning against the walls.

During a riding hiatus I check the tires every so often and just keep enough air in them that I don't worry about the tire getting a flat spot from the bike's weight. I also spin the wheels a little (so it rests on a new part of the tire every week or two).