OMAHA, Neb.—Michael Phelps set another world record. No surprise there.

Dara Torres is going back to the Olympics. Who would’ve believed it?

Fresh off an endorsement from Mark Spitz, the iconic star he’ll try to better in Beijing, Phelps set another world record to win the 200-meter individual medley at the U.S. Olympic swimming trials Friday night.

Phelps claimed his fourth individual victory of the trials in 1 minute, 54.80 seconds, beating the mark of 1:54.98 he set while winning seven events at last year’s world championships in Australia.

“I just tried to hang on,” he said. “I was hurting that last 50.”

It was the second world record of the meet for Phelps, who also swam faster than anyone in history to win the 400 IM. His only piece of unfinished business: the 100 butterfly and an expected showdown with world recordholder Ian Crocker.

Phelps must finish first or second in that event Saturday night to ensure he swims eight events at the Olympics. Then he’ll need to win them all to beat Spitz’s record of seven gold medals at the 1972 Munich Olympics.

Spitz, who was at the Qwest Center and presented Phelps with his award for winning the 200 IM, believes the 23-year-old from Baltimore has a good chance to take down the Holy Grail of Olympic records. He came close four years ago, winning six golds and two bronzes at the Athens Games.

“It’s time for someone else to take the baton of responsibility,” Spitz said. “Thirty-six years is a long time.”

It’s been a long time since Torres made her first Olympic team—24 years, to be exact. Now 41 and with a 2-year-old daughter, she completed her improbable Olympic comeback, making the U.S. team for the fifth time by winning the 100 freestyle.

Wearing goggles older than some of her competitors, Torres got off to a blazing start and guarded her lead on the furious return lap to win in 53.78, beating out Natalie Coughlin’s 53.83. Cheering from the stands was Torres’ daughter, Tessa, who was in mom’s arms for the awards ceremony.

Torres, who made her Olympic debut at the 1984 Los Angeles Games, has twice retired from competitive swimming. A nine-time medalist, she already was the first U.S. swimmer to make four Olympic teams.

Now, make it five.

Torres climbed from the water with a big smile and gave her coach, Michael Lohberg, a long hug. She broke down in tears while “American Woman” blared from the speakers.

“I’m ecstatic. I can’t believe it,” Torres said. “It’s sort of bittersweet for me because I’ve made my fifth Olympic team, but I’m going to be away from my daughter for a month and that’s really hard emotionally.

“But I’m happy to be going to Beijing.”

Overshadowed by Phelps and Torres, Aaron Peirsol gained a measure of revenge for his upset loss at the 2007 world championships, tying the world record in the 200 backstroke and beating nemesis Ryan Lochte.

The two were stroke for stroke the whole race, but Peirsol lunged to the wall just ahead of Lochte to win in 1:54.32, equaling the mark set by Lochte at the last worlds.