1. A computer implemented system for extracting and recognizing alphanumeric characters from traffic signs and displaying the recognized alphanumeric characters on a vehicle's display, said system comprising: a repository configured to store a pre-determined template having sections, alphanumeric characters superimposed on the template and a table containing pre-determined threshold pixel count for each of the sections of said alphanumeric characters superimposed on the template, wherein there is a one to one unique correspondence between the alphanumeric characters and the threshold pixel count; a camera adapted to be mounted on a vehicle and configured to capture images of traffic signs; a processor cooperating with the camera to select analog images of traffic signs suitable for recognition, based on a pre-determined set of rules; a shape detector cooperating with the processor to receive the suitable analog images and configured to detect, under the commands of the processor, shapes within the suitable analog images to obtain readable images of alphanumeric characters; an image enhancing module cooperating with the shape detector to receive the readable images of alphanumeric characters and configured to enhance quality of the images of alphanumeric characters to obtain enhanced readable images; an alphanumeric character recognizer cooperating with the image enhancing module to receive the enhanced readable images and configured to recognize alphanumeric characters from the received enhanced readable images; and a display cooperating with the alphanumeric character recognizer to receive the recognized alphanumeric characters and configured to display the recognized alphanumeric characters.