ldlewile, did you try my instructions above about repairing the keychain?
Also, make sure you have patched to the latest version of Lion (10.7.3 at the time of this writing). 10.7 to 10.7.2 have problems with the keychain getting corrupted. It often gets to a point where you cannot open the Keychain access program at all. This means your system cannot store or retrieve anything in the keychain.
We see this often on our campus with users who do not patch.
A summary of steps to take:
If the Keychain Access program will launch:
1. From the Apple Menu run Software Update and do all system updates.
2. After rebooting, open Keychain Access and run the Keychain First Aid (located in the Keychain Access menu) to repair the login keychain.
If Keychain Access will not launch :
A) Reboot holding command + R to get into recovery mode.
B) Run Disk Utility and repair the hard drive and then run repair permissions.
C) Reboot into Lion as normal
D) From the Apple Menu run Software Update and do all system updates.
E) Reboot and open Keychain Access and follow step 2 above
Let us know if that fixes it.