WPA can be cracked in less than 15 minutes.
Erik Tews and his colleagues tricked a WLAN router into sending more data than usually. This enabled them to crack the encryption more easily. On the PanSec 2008 - taking place in Tokyo on November 12 to 14 - Tews will hold a lecture with the title: "Gone in 900 Seconds, Some Crypto Issues with WPA”. Additionally the scientists say that they have achieved a "mathematical breakthrough” that can be used to calculate the encryption very fast.
According to
itworld.com they will add their findings to their Aircrack tool, which they developed in the course of cracking the older WEP encryption.