The first time, in the 1988 Seoul Games, the Hawaii native was just happy to be part of the Olympic experience. Four years later in Barcelona, Phillips was disappointed that she didn't medal, placing seventh in the K4.

This time, "regardless of how I do, I'm finished," said the 31-year-old Phillips, preparing for this month's competition in Gainesville, Ga., the kayak venue that is an hour's drive northeast of Atlanta.

"It would be really nice to finish my career with a medal but, whatever happens, I want to finish the race and say I couldn't have done any better. I don't have any emotions about it yet. I'm taking it day by day. I'll be excited when the competition starts. It's my last one. I'm ready to retire."

Ten years ago, few gave her a chance to be able to say that. At 5-foot-4, 122 pounds, she was dwarfed by the rest of the elite competition in size and experience.

Her water savvy, honed as a member of Outrigger Canoe Club, compensated for a lot. Unfortunately for Phillips, who moved to Hawaii at age 5, neither surfing nor outrigger paddling were Olympic sports.

"But Traci always had to win at whatever she did," said her mother, Marge Howe. "She's always had that determination to see how good she could be. She always had this drive.

"In the beginning, she was more concerned with what I thought about her decisions. I told her I didn't want her looking back wondering, 'What if.'"

The "what-ifs" were replaced with "why-nots." Phillips appeared on the national kayaking scene out of nowhere in 1986, making the U.S. national team in her first attempt, and steadily gained respect.

After competing in the singles, doubles and fours - even trying out for the U.S. luge team in 1988 - Phillips will concentrate on the K-1 later this month on Lake Lanier.

"There's a lot of fast girls right now who could medal," said the 1982 graduate of Hawaii School for Girls. "The level of competition has gotten so much better than when I started and every country has gotten tougher. My goal right now is to make the final. I'm just planning to go as hard as I can."

Although kayaking has stamped her passport with countless countries and cultural experiences, Phillips said she is glad the Olympics are "at home" in America and hopes the U.S. does well in the sport to give it a boost in the future.

"It's sad that there are numerous places in Europe for kayakers and we can't get the U.S. to build one dang race course here," said Phillips, who turns 32 three days before the Aug. 4 kayak finals. "I don't know what I'm going to be doing after the Games, but I would like to be able to stay with the sport, maybe coach, especially in Hawaii.

"The kids are so talented in Hawaii and it would be nice if we could get more funding, pay coaches to develop that talent. If we had our own 2,000-meter course ’xxx "

The "what-ifs" are back for Phillips, who finds herself looking at a wall of debts incurred so that she could pursue the Olympic dream one last time. She admits that after having to do what she's done - waitress, mason's assistant, sales clerk - there were days when she wanted to quit.

"Some days, I was ready to give it up because it takes so much desire and commitment," said Phillips, who also is a three-time Hawaii state singles racquetball champion. "Other days, I'd wake up and couldn't wait to train. I'd think about how lucky I was to be doing this.

"I saw the movie 'The Rock' and Sean Connery says something about losers always talking about what they could have done. This time, I will be satisfied with my effort. If other people are faster, that's just what happened. How I did was the best I could do."