Find someone else who want to buy a Cervelo and split the $2000 discount.
Get a new P3 and some used race wheels for within your budget.

That's a good workable budget. I would focus on wheels first. The wheels will do more for speed than anything else. Disc or really deep in back. Might even stop there and give it a try. Next frame, then groupset. The groupset is last because that can be replaced over time.

Have you gone for a fitting yet? I am in the same boat - I have $3 - $4k to spend on a bike. If I can get race wheels, cool. If not, I will comb the classifieds and wait until race season begins. If I can't find a decent set for a decent price, I will rent something.
I have been on 10-year old Litespeed Saber that I bought used. It has gotten me thru races of all distance, albeit not very fast (mostly not the fault of the bike). I was "fit" on this bike by some guy who eye-balled it and measured a few angles. He did the best he could with the bike I was working with.
This past weekend, I spent 3 hours (and $250) on a fit session. He used Retul and a fit bike. I really liked the Retul system (because I am kind of a tech junkie. I do think that a good fitter could do a good job without the technology).
Based on my previous bike and the shoulder/neck pain that I have experienced for several years, I fully expected that he would recommend a road bike (or tell me to give up cycling and just run).
Long story short- I came away with a fit recommendatio that seemed comfortable and pretty aero (I guess. No wind tunnel involved, but definitely a flatter back and better hip / arm angles than I had before).
Based on the fitters recommendations, I am leaning towards a Speed Concept 7.(either .5 or .8). He recommeded a size Large, which surprised me. I would have bet big $$$ that I would be on a medium.

The Trek Store in San Diego (http://trekbicyclesuperstore.com/...cept-7.5-71502-1.htm) has the 2011 SC 7.5 on sale for $3k right now. They won't ship it, but you might be able to find something similar in your area.
Or - check out the new Cervelo Buy 2 bikes and get $2,000 back offer. Find a friend and get a Cervelo. (If it fits right)

I agree go get fit by an independent fitter and have him suggest frames that will fit your body type better. Then with that narrowed down list you can play the value game.

In the grand scheme of things if you can say you know the S32 fits you great now is as good a time as any to maybe think on the following.

Building a bike is NOT rocket science. With that kind of budget you could swap your components over to a P2 frame or the like and have a crap ton of bling for other things: race wheels, maybe an SRM?

Anyway, just wanted to throw that nugget out there in the even you have a position dialed in. If not then getting a proper fit b/f dropping big bling, as others have said, is a pretty good move. Have fun bike shopping it's a blast.

So, do you like the responses here or at BT better?

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Pink? Maybe. Maybe not. You decide.

Thanks for all your responses. Gonna go to get a fit first and take it from there.