~1 HOUR remaining

I bid .32, however willing to go up in .01 increments to up to .55btc max bid

It means that is the highest he will go.

Now if you want to bid him up to any other price below that you can and if he doesnt pay up in the specified time (48 hr) the next highest bid will win.

This was discussed in Auction #4, here is a summary:
0.32 is the highest bid, but if you e.g. bid 0.33 then will bitguy101 by default overbid you.
In case bitguy101 do not honor his obligation then will your bid of 0.33 stand as the highest.

ehhh, fine I'll jump to 0.56BTC.

 I bid .57, however willing to go up in .01 increments to up to .61 btc max bid

Correct, they could have placed bid as I was replying, plus the 360 secs rule to repost (can we get around that? very annoying in the case of an auction especially.) Thanks

.59BTC

.62BTC