Rajath,
I've tested everything on the router side with other equipment, and there are no problems there. I have several other computers and they are all working fine with my network.
The Security PW is also correct, and if it was not I would not get connected to the router at all.
Resetting the TCP/IP also did not help. Actually, after doing that the network utility returned "internal Configuration inconsistency. Please restart machine to resolve problem" and would not open. I rebooted the machine several time but the error would not resolve. I ran the utility installer and did a repair to clear this issues.
I've also discovered that I have the same problem with the ethernet port. I get lights and a connection but also cannot get an IP address back from the router on hard wire. I re-installed the Broadcom 440x 10/100 Integrated Controller driver and retested. No luck.
What do you think?