  We present the first time resolved medium resolution optical spectroscopy of
the recently identified peculiar Intermediate Polar (IP) 1RXSJ154814.5-452845,
which allows us to precisely determine the binary orbital period
(Porb=9.87+/-0.03hr) and the white dwarf spin period Pspin=693.01+/-0.06s).
This system is then the third just outside the purported 6-10hr IP orbital
period gap and the fifth of the small group of long period IPs, which has a
relatively high degree of asynchronism. From the presence of weak red
absorption features, we identify the secondary star with a spectral type
K2+/-2V, which appears to have evolved on the nuclear timescale. From the
orbital radial velocities of emission and the red absorption lines a mass ratio
q=0.65+/-0.12 is found. The masses of the components are estimated to be Mwd >=
0.5Msun and Msec=0.4-0.79Msun and the binary inclination 25deg < i <=58deg . A
distance between 540-840pc is estimated. At this distance, the presence of
peculiar absorption features surrounding Balmer emissions cannot be due to the
contribution of the white dwarf photosphere and their spin modulation suggests
an origin in the magnetically confined accretion flow. The white dwarf is also
not accreting at a particularly high rate (Mdot<5x10**16g/s), for its orbital
period. The spin-to-orbit period ratio Pspin/Porb=0.02 and the low mass
accretion rate suggest that this system is far from spin equilibrium. The
magnetic moment of the accreting white dwarf is found to be < 4.1x10**32
Gcm**3, indicating a low magnetic field system.
