After you've re-entered/re-typed the password a minimum of three times, quadruple checked the caps lock key, and prayed to the keyboard gods:
1) Restart both the router and the macbook.
If that didn't work:
2) delete the contents of Macintosh HD/Library/Preferences/SystemConfiguration/ - Then restart the Macbook and try connecting again. (You will have to reenter the password; your saved and preferred WiFi network prefs just got nuked.)
If that didn't work, make sure some joker didn't enable MAC blocking on the router.
That will do it 99% of the time.
Also, sometimes (this is very rare) there will be a specific incompatibility between specific WAPs and specific WiFi cards. So make sure your WAP's and Macbook's firmware is up to date.