Here's a quote from nirsoft about its location
Code:
Q: What is the Registry location that Windows XP stores the wireless key ?
A: The wireless keys are stored in the Registry under HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\WZCSVC\Parameters\Interfaces\[Interface Guid]. The [Interface Guid] is a unique GUID value the represents your wireless network card. The keys are well-encrypted by Windows operating system, so you cannot watch them with RegEdit.
Q: What is the Registry location that Windows Vista stores the wireless key ?
A: Windows Vista doesn't store the wireless keys in Registry anymore. Instead, the keys are stored in the file system - under c:\ProgramData\Microsoft\Wlansvc\Profiles\Interfaces\[Interface Guid]. The [Interface Guid] is a unique GUID value the represents your wireless network card. The keys are stored and well-encrypted inside the .xml files that you can find in the above path.
Notice how he says "well-encrypted"? i've never seen him say that before, so microsoft must of did something right here. My question is if you guys have any idea how they're encrypted.
the nirsoft tool which decrypts them can be found at
http://www.nirsoft.net/utils/wireless_key.html