What is the difference between WEP, WPA-PSK [TKIP] and WPA2-PSK [AES]?

I decided to put this in Hardwire because this is pertaining to my router. I've always used WEP but I'm curious what WPA-PSK [TKIP] and WPA2-PSK [AES] are and how they compare to WEP. Better? Worse?

WEP is cracked.

Assuming everything supports it you should use WPA2 encryption with a 128 bit key (64 bit is too easily cracked)

Thanks for the reply, lynx. I wasn't aware WEP had been cracked. WPA2 it is then!

ya like said wep is easily cracked under 10 mins... wpa and wpa2 is also crackable but with more time and the collision attack vectors are less effective.