245i is a law that lets you adjust your status inside the US. 245i expired on April 2001. This means that only those petitioned before 2001 are covered(grandfathered) under 245i. In your case, as a child of a person who is grandfathered under 245i, you are also grandfathered.

So yes, you can get sponsored and adjust your status in the US. But it's not as easy as it sounds. Lookup labor certification/PERM and employment-based petitions to learn more about it.