Phillips Magnavox 8p6054 60in. has a red line in the center

Plasma? Your power supply has bad capacitors. 3300uf most likely. This is a common problem on some Philips plasma TVs. Power board is located top center of the TV with the rear access panel removed. look toward the lower left portion of the board. If you notice any capacitors (they look like little plastic wrapped cans) with swollen tops or leaking dark fluid from the top of them, replace them. Myself, I always step up the voltage rating... ex: 3300uf, 10v -> 3300uf, 16v.

Projection TV sets have several common problems listed below.

Problem #1) Convergence

Symptoms:

• Screen Looks 3D
• Colors wont align
• Screen may look distorted
• No Audio/Video - TV makes a chirping sound.

Problem #2 CRT Fluid has clouded over. Symtoms

• Dull looking video
• White looking video
• Halos around objects
• Red/Orange looking video

You can see some examples and find a fix here...

http://www.fixya.com/support/r2861467-solution_video_looking_whiteish_dull

This is a common problem. Its called a convergence failure.

Problem #1) Convergence

Symptoms:

• Screen Looks 3D
• Colors wont align
• Video may look distorted

Problem #2 CRT Fluid has clouded over. Symtoms

• Dull looking video
• White looking video
• Halos around objects
• Red/Orange looking video

You can see some examples and find a fix here...

http://www.fixya.com/support/r2861467-solution_video_looking_whiteish_dull

This is a very common failure on Projection TV sets.
Screen looks 3D
Colors don't line up
One or more colors can't be adjusted when using the convergence menu.
Screen is bowed or warped.
The other common problem is cloudy lens fluid. After many years the coolant in the blue and green lens will become cloudy and cause the screen to look dull, red/orange, bright white, etc. You may even see halos around video.
You can see some example photos and find a solution here on Fixya.
http://www.fixya.com/support/r2861467-solution_video_looking_whiteish_dull

get new one.

you need the DPTV305 - Dptv345 Convergence repair kit available at the following link. Its listed under the convergence repair kits category, comes with all parts and step by step instructions with pictures so you can do the repair yourself.
Here is the link.
http://servicemanuals.vstore.ca/

Sounds like the convergence IC's went south.  

Sounds like a solder or connection issue on the small signal panel. which is the ciruit baord on the left hand side of the set looking in from the rear of the set.

The high voltage is failing. The LSB board is about $200 from partstore.com.

One of your connector wires or pins are damage.