iWepLite, an application that can find the keys to WiFi networks protected by WEP. Yesterday, the developer has released a new video where you can see this baby at work.
As you can see, once detected the network, the application relies on a dictionary of keys that will try until you find the password (at best) of the WiFi network. Its possible to “pause” the application, resume search and more.
Right now i have no further info on this, but keep an eye on The Apple Bites for further updates.