no, it'll just fit the camera

No, the reason why it'd be around 80mm is because of the 1.6x crop but the kit lens is a EFS so the 18 - 55 kit lens that is correct focal length for the crop.

Not really explaning it too well, but basically the EFS lens will have correct focal length, other none EFS lenses will have the focal length times 1.6

Alright i knew about the 1.6x crop but i thought m42 lens will add some more. Anyways i think i might just buy 50mm f1.8 m42 for outdoor shots at night where i will have no issue's of the zoomed view of 50mm, it aint much expensive so there is not much harm in it.

No, the reason why it'd be around 80mm is because of the 1.6x crop but the kit lens is a EFS so the 18 - 55 kit lens that is correct focal length for the crop.

Not really explaning it too well, but basically the EFS lens will have correct focal length, other none EFS lenses will have the focal length times 1.6

That's completely wrong.

The 18-55 kit lens is 29-88 equivalent. The 55 end ofthe lens is exactly the same as a 55mm prime of any kind.

No lens in the market shows equivalent focal lengths. EVER.

Alright i knew about the 1.6x crop but i thought m42 lens will add some more. Anyways i think i might just buy 50mm f1.8 m42 for outdoor shots at night where i will have no issue's of the zoomed view of 50mm, it aint much expensive so there is not much harm in it.
Lens focal length is a real number in milimeters that can actualy be measured. the "equivalent" focal length depends on the sensor or film size. In the case of the Canon 550D you can find it by multiplying with 1.6.

I believe that your best choice right now is the Tamron 17-50 2.8. in either the VC or the simple non-vc version
It's not that expensive anway.

Otherwise you can take a look at some lower cost vintage primes on ebay
Vivitar 24mm F2 Super Fast wide angle NIKON AI FIT - eBay (item 250763981218 end time Feb-06-11 12:12:04 PST) (http://cgi.ebay.com/Vivitar-24mm-F2-Super-Fast-wide-angle-NIKON-AI-FIT-/250763981218?pt=UK_CamerasPhoto_CameraAccessories_CameraLensesFilters_JN&hash=item3a62b2b1a2)
M42 Vivitar wide 28mm f2.5 Kiron made lens - eBay (item 280622849623 end time Feb-05-11 15:38:05 PST) (http://cgi.ebay.com/M42-Vivitar-wide-28mm-f2-5-Kiron-made-lens-/280622849623?pt=Camera_Lenses&hash=item41566cde57)
Accura 28mm f/2.8 Wide Prime Lens Pentax M42 Mount - eBay (item 220734589620 end time Feb-10-11 19:16:20 PST) (http://cgi.ebay.com/Accura-28mm-f-2-8-Wide-Prime-Lens-Pentax-M42-Mount-/220734589620?pt=Camera_Lenses&hash=item3364ce8ab4)
Vivitar 28mm Fast f2 Wide Angle Lens for Olympus OM - eBay (item 250768199703 end time Mar-05-11 09:44:33 PST) (http://cgi.ebay.com/Vivitar-28mm-Fast-f2-Wide-Angle-Lens-Olympus-OM-/250768199703?pt=Camera_Lenses&hash=item3a62f31017)
Vivitar 28mm f2 for Pentax M K - Komine 28403407 - eBay (item 270697645112 end time Feb-05-11 18:00:38 PST) (http://cgi.ebay.com/Vivitar-28mm-f2-Pentax-M-K-Komine-28403407-/270697645112?pt=Camera_Lenses&hash=item3f06d64438)

I am buying lens form ebay uk so there the best ones are Pentax Takumar 50mm f1.8 at 50£. Wat about the Canon EF 50mm f1.8 II which is on 70£, which one would be better Canon or Pentax?

That's completely wrong.

The 18-55 kit lens is 29-88 equivalent. The 55 end ofthe lens is exactly the same as a 55mm prime of any kind.

No lens in the market shows equivalent focal lengths. EVER.

Ah right, I read that EFS were like that on another fourm a while back, I guess not.

I am buying lens form ebay uk so there the best ones are Pentax Takumar 50mm f1.8 at 50£. Wat about the Canon EF 50mm f1.8 II which is on 70£, which one would be better Canon or Pentax?

For video the pentax is better.The canon doesn't have a smooth focusing ring.

Also worth checking out are Olympus Zuiko lenses, very compact, and can be purchased for a very good price. These lenses are exceptional for video.

The greatest advantage of 550D is that you may try different lenses. I have recently bought a Korean fisheye lens (Samyang). It is cheap. No auto focus but the quality of the lens is good. It really gives a new dimension to my video as it has a near 180 degree perspective. The viewers will be surprised when they see the clips.