I just picked up my truck from Circuit City, and dropped it of at the Ford dealership. I tried turning the key 180 degrees like stated above, and also tried locking and unlocking the door, but no luck.... According to Circuit City, the problem may lay on the onboard transpoder module. This is the device which reads the microchip inside the key. Per Circuit City, they might need to replace this module, replace the key, or just reprogram it. I guess I will find out tomorrow morning.. I will let you guys know the outcome..
Thanks for the help anyway!