It's not really something to do with the PSP, the WAP key is your wireless router's 'password'. For a PSP to connect to a router, just like your own computer does, you need to know the SSID of the network, and the security passcode. Just enter the same settings as your own computer uses, and the PSP can then connect to your wireless network.
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it is a type of a code or password to get on the internet
WEP stands for Wired Equivalent Privacy - it is a form of wireless encryption which stops unauthorised people accessing a router or encrypted data. On the PSP, the WEP key is the decryption key for a specific router - so you'd use the same WEP key your PC or laptop uses to connect to your wireless router, then the PSP can use it too.
Wireless routers can be secured by using different types of encryption, which require an encryption key to download. So if your router uses 'WEP' encryption, then you'd select WEP on the PSP, before entering the WEP key specific to your router.
your house number including area code for example.(634-000-0000)
Psp street is much better i have psp 3000 and psp street and psp street is better then psp i would say.