54 is an incredibly shallow movie about incredibly shallow characters. 54 is about Studio 54, a famous disco in New York City that, in its height, was the place to be for all famous and good-looking people to indulge in such depravity like unprotected sex, cheesy music, and mind-altering drugs.
There are some movies that completely capture the magic of a bygone era, in this case the 70s-80s disco scene, while simultaneously presenting some of the danger in the hedonistic excesses of that time. 54, unfortunately, is not one of them. There is no "plot" to this film: it depicts how Shane O'Shea (Ryan Phillippe), a poor boy from New Jersey, manages to (drum roll) rise to the level of a bartender and sex toy at one of the coolest places in the city!
The performances by the actors are pretty bad, though Mike Myers as Studio 54's owner Steve Rubell, does a great job and is the sole redeeming aspect of this film. Other than that, this movie is a complete and total waste of time. I recommend skipping it.