i understand the new theme standard which is in the latest installer which i have installed and it seems theres only a few themes floating about for this version is it possible to use the older OTS themes or a method for converting them?
you can't use the old OTS themes directly, you need to modify them to be OTS2. look here for instructions:
http://o-t-s.sourceforge.net/theme_creation.html#updatingoldthemes
Those are the instructions for theme creators who want to make their theme fully OTSv2 compliant. If you just want to
use an old theme there are simplified instructions here:
http://o-t-s.sourceforge.net/theme_installation.html#usingoldthemes