I would have been really upset if I missed that final Stephen Parry

Parry won in a new Commonwealth record time of 1:55.57 from lane eight after squeezing into the semi-final in the 16th and last spot.

The 27-year-old eased into the final as the fastest qualifier and said he was hoping to boost Britain's poor Games.

"I gave myself a right talking to," said Liverpool's Parry.

Phelps had earlier taken bronze behind Australia's Ian Thorpe and Holland's Pieter van den Hoogenband in the 200m freestyle in one of Olympic swimming's greatest finals.

Thorpe grabs 200m glory

But he finished behind Parry in 1:55.65 with countryman Tom Malchow third in 1:57.48.

Parry added: "I was so upset this morning, but to beat Michael Phelps, I know he's just swum, but it means a great deal to me.

"My team-mate James Gibson has some great motivational videos and I watched Rocky III this afternoon.

"I would have been really upset if I missed that final.

Olympics message boards: Have Your Say on swimming

"We're [Team GB] having a bad time of it and I do not want to be on another team like Sydney, and I thought to myself 'we're running out of chances to convert'."

Parry admitted he may have peaked too early for Tuesday's final but insisted he would go to his blocks with a chance of creating history.

"I have kind of shown my cards for tomorrow now and these guys are going to have to go 1.54 to beat me. Do you think if I request lane eight tomorrow they might give it to me?" he said.

He's had a great 200m fly for the last few years and is going to be a contender for a medal Phelps on Parry

"I am going to get some good rest and I am looking forward to racing. It is nice to beat Michael although I know he was only swimming down after his earlier race.

"There are a lot of quality guys in there so there are no medals wrapped up yet, but I am looking forward to it."

Phelps is backing Britain's Stephen Parry to do well in Tuesday's final.

"He's had a great 200m fly for the last few years and is going to be a contender for a medal," the American said of the Briton after the semi.