I think this is an 80's or early 90's movie. the plot goes something
like this; guy is walking down the street and pay phone rings. Guy
unwisely answers the phone and it is soldier in missile silo who
dialed wrong number trying to call his wife to say goodbye and I love
you before he fires missiles that will surely lead to nuclear
holocoust.  guy now needs to warn about what he believes is mistaken
launch that will result in armaggedon. countdown starts. That's all I
remember.  I hope I didn't just make that up. Is it a figment of my
imagination

I'm certain that the movie you're remembering is "Miracle Mile."

Here are a few plot summaries:

"Plot Summary for 
 Miracle Mile (1988)
A young man meets and falls in love with a young woman at the La Brea
Tar Pits in Los Angeles. This area is known as Miracle Mile, and the
whole movie takes place there. They make a date, which he misses, and
while he is searching for her, he accidentally finds out that we (the
United States) are about to start a nuclear war with the Soviet Union.
He frantically searches for her so that they can escape Los Angeles...
Harry mistakenly picked up a ringing pay phone to learn that a nuclear
war had already begun. Now with a ticking clock and a rioting city
deteriorating around him, Harry must guide Julie to safety. But can he
save himself as lawlessness becomes the norm and terror grips every
living soul in the city?"

Internet Movie Database: Plot Summary for Miracle Mile
http://imdb.com/title/tt0097889/plotsummary
 
"He goes out to make a phone call. Answering machine. As he is going
back in, the pay phone rings. On the other end is a frantic man named
'Chip' who is sitting in a missile silo in North Dakota. Chip thinks
he is talking to his father in Orange County (wrong number). Chip
explains that they are 'locked in' and in fifty minutes the USA is
about to 'shoot its nuclear wad.' The Ruskies (presumably) will launch
their counter attack soon and LA is toast in 70 minutes. Harry doesn't
believe him until a few guards show up and shoot Chip dead."

Ruthless Reviews: Miracle Mile (1988)
http://www.ruthlessreviews.com/movies/m/miraclemile.html

"Miracle Mile. Here's a movie that's built its considerable cult
reputation on an admittedly cool premise: a guy picks up a ringing pay
phone in the middle of the night and accidentally receives a tip that
World War 3 has begun, and that the United States is about an hour
away from a devastating nuclear holocaust."

Deep Focus: Miracle Mile
http://www.deep-focus.com/flicker/miraclem.html

"Miracle Mile" is available on DVD and VHS:

Amazon: Miracle Mile DVD
http://www.amazon.com/exec/obidos/tg/detail/-/B00008R9KL

Amazon: Miracle Mile VHS
http://www.amazon.com/exec/obidos/tg/detail/-/B00004WI6H

My Google search strategy:

Google Web Search: "miracle mile" "pay phone"
://www.google.com/search?hl=en&q=%22miracle+mile%22+%22pay+phone%22

I hope this is helpful. If I have misidentified your movie, please
request clarification; I'll be glad to offer further assistance before
you rate my answer.

Best regards,
pinkfreud

That has got to be it. Now I can rest easy. Thank you.  The folks at
Blockbuster were stumped. Go figure?