No, but the password is case-sensitive. Are you absolutely certain that you're entering it correctly? (And that you have the correct encryption, usually TKIP or TKIP+AES?)
BTW, it's either WEP or WPA2, it can't be both. And (I'm not familiar with that particular router) it should be WPA2-Personal if you have that choice.
Maybe the router is set to WPA2 and the phone is trying to use WEP, or the other way around? That'll never work. It has to be the same mode and, in the case of WPA2 (which is what you should be using - WEP can be broken by a child in 10 seconds), the same algorithm(s) and the same shared key. I've almost never seen a case of "connection but no internet access" that was caused by anything other than a mismatch in that area, and I've been doing this professionally since wifi came out.