My PS3 wont connect to my wifi

Ok so I just got my new PS3 and after setting everything up it wont connect to the wireless network. After selecting my network and putting in the password is give me this message:

The key information exchange timed out.
The WPA key you entered may not be correct.

This has got me puzzled...I know Ive put the key in correctly and everything else including the laptop im on typing this is connected to the same network. Anyone ever come across the same issue?? Any help would be greatly appreciated!! I havent been able to game online in a while and Im itching to get back out there!! Thanks a lot!!