This is just a brief translation designed to let you know what happened in Chapter 54 without any of the details, so it's pretty sketchy.
My Japanese isn't that great, and so I apologize if any of this is translated incorrectly. Please bitchslap me and correct me if it is.
Title of Chapter: Kusha no Akaki: A Fool's Battle
Ed and Al: Are you Hoenheim?!
Father: ...The Elric Brothers?
Ed and Al: -spaz out-
Father: Hmm... -restores Al's hand and heals Ed's wounds-
Ed and Al: ...Whaaaa?!
Ling: -pulls sword on Father-
Ed, Al, Ling: -attack Father, are defeated-
Scar and Mei: -hear noises- ...
Hoenheim: -sees some sort of disruption in the distance, stares-
Hoenheim's companion: What is it?
Hoenheim: ...Nothing. -keeps on walking-
Ed and Al: -clap hands to use alchemy-
...We can't use alchemy?!!
Envy: -pins Ed and Al down-
Ling: Ed!! Al!!
Gluttony: -eats Ling's sword, pins him down-
Ed: Envy...I thought...you...
Father: -looks at Ling, takes out Philosopher's Stone from his forehead-
Al: The red...!
Father: ...Greed's barriers have been opened...with the power of this stone, you can become him...
Ed and Al: No!! Ling! -clap hands together again in an attempt to use alchemy, devastated when it doesn't work-
Ed: Dammit! Envy, let go...!
-remembers gun, pulls it out on Envy-
Envy: That won't work, o-chibi-san...
Ling: Ed!! It's okay! Don't do it! (Literally, "Lower your hand!" or "Don't help me!")
Father: Oh...so you wish to become my Greed? Interesting. -drops Stone into Ling's wound-
Ling: -whole bloody process of turning into Greed blah blah blah-
Alright, you bastard, go ahead and take this body!!
-finishes, sits up-
Ling: Hahahahaha...thanks for this body...Father!
Chapter 55 out on January 12th!
-end of chapter-
...Oh, Arakawa, how you destroy me. Liiiiiiing~~!!1wun! T___T
Edit: Father's last line before dropping the stone into Ling's wound and Ling's "bastard line" are thanks to acdragonmaster.
Edit again, wut: Some help with Father's "you can become Greed blahdy blah blah blah line" thanks to lord_pachi.
Mods, please tell me if this should be locked.
X-posted to hagaren_manga.