I'm a little under 5'5" (5'4.75", thankyouverymuch), with proportionally short legs and long torso. When bike shopping last winter, I almost bought an older 53cm Bianchi Veloce (mid 1990's-ish), and the fit on that was pretty spot-on for me--it had a 53.5cm top tube with a 100mm stem. (I changed my mind because some of the components turned out to be in rough shape and the wheels needed to be replaced, hence cancelling out the money-saving benefit of buying a used bike.)
I ended up on a 53cm LeMond.
At 5'5", a 55cm might be doable, depending on how you're proportioned and how much tweaking you'd be willing to do to get it to fit. But I'd think a 57cm would probably be pushing it well into the too big range.



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