Can I transfer / convert my traditional IRA's to Roth IRA's ? If so would there be any penalty or taxes do ?

Yes you can but there are tax implications.
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0CD4QFjAB&url=http%3A%2F%2Fwww.rothira.com%2Froth-ira-conversion-rules&ei=qCdYVPvSEMGWNqWDgKAL&usg=AFQjCNFs3h41ayhF_eTMkbqtqlebL5KKPg&sig2=3Id17ZWkfk9ncakiVDTAow&bvm=bv.78677474,d.eXY

You will pay income taxes at the marginal tax rate. The marginal tax rate is the rate you pay on the LAST dollar earned in the tax year.You will pay NO penalties for doing the conversion.Note that there MAY be income limitations that prevent the conversion.

Sounds complicated, taxes are already complicated enough - LOL. Thanks

If taxes were not complicated, I would have no means to support myself! :-)

Glad your on the job :)

Glad to help!