Hey guys I found this posted on other blog, and it does WORK!! Good luck!!Thanks to the original author!
"I've been having this same issue and have found a temporary fix. Click your airport/wi-fi icon so you get the drop down menu, then click on Open Network Preferences. The menu bar on the left side of this box has your various connections, Ethernet and Wi-Fi, for example. When you try to toggle your wi-fi on/off, nothing happens, so what you have to do is select your Wi-Fi network, then click the ( - ) button on the bottom of that menu bar. This deletes the wi-fi connection (don't worry you can add it back later). Click Apply and restart your computer. Once you restart, go back to your Network Preferences and now click the ( + ) button. Add a new Wi-Fi network and turn it on. This should get you reconnected.
Now, I had to do this once before I updated to Mountain Lion. After I updated, this has been a pretty persistant issue and while removing, restarting, and re-adding the Wi-Fi connection works, it's awfully annoying and inconvenient, so if anyone has a permanent solution it would be much appreciated."
Hope this helps in the mean time!