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Go to Settings > WiFi > and tap the little blue > next to your network name. Chances are your IP address starts with a 169.x and your subnet mask is incomplete. Your iPod is telling you that your router has not issued the proper credentials for you to logged onto your network.

With no network/router information it is pretty much impossible to give you an accurate answer on how to fix this. You can either post the details of your network or search this discussion group for possible solutions.

I have just fixed mt Ipod Touch.

1. Shut down your wireless router for a minute and then restart.

2. Go to "Seetings" then "WiFi".

3. Log onto your network using your normal credentials.

4. Click on the "blue" circle beside your network.

5. Scroll to the botton and renew your lease.

This fixed the problem for me, I hope it works for you.

Basically that means it's not connecting to your wireless set up.
When you try clicking on your home SSID what happens ?