Mac OS can read NTFS-formatted drives, but can't write to them. FAT32 is the way to go, but the USB stick (by 'key' I assume you mean that type of unit) should have its own software to reformat with. If you've wiped that out, perhaps it can be downloaded from the mfr's web site.
Another issue is that you may be trying to open the files directly from the stick, which it is recommended that you do
not do. Always copy/move the file to your hard drive, modify it there, then move/copy back to the stick if necessary. Many apps (especially Microsoft, but many others) will open any file from removable media as Read Only.
There could also be a problem with the stick, itself. They are more fragile than we would like to think & susceptible to magnetism & electronic interference.
Dual 2GHzG5,1.5GB Mac OS X (10.4.3)