Here's a snippet of code that I tried and it is practically working:

Code:
<?

$postdate = "08-31-2005";
$posttime = "05:54 AM";

$pd_array = explode("-",$postdate);
$pt_array = split('[ :]',$posttime);
if ($pt_array[2] == "PM") {
	$pt_array[0] += 12;
}

$display2 = date("D, d M Y H:i:s T",mktime($pt_array[0], $pt_array[1], 0, $pd_array[0], $pd_array[1], $pd_array[2]));

echo $display2;

?>
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STOP 0x9452356 - SIGNATURE_NOT_AVAILABLE