dear shailesh,
as u might be aware, WAP is a set of technologies for wireless communications. it has its own scriptin language, WML, that is mainly used by browser based applications.
well, comin to ur question, WAP and J2ME are two different things. This difference lies in the fact that WAP allows u to develop browser based, thin client applications, whereas using J2ME, u can develop 'fat' client applications, meanin applications that has better logic and can be run 'offline'.
u can think of applications developed through WAP as a HTML page and the application developed through J2ME as any java application, or a java applet. and obviously we can't compare a HTML page and a Java Applet, can we ? both, we can say, r complimentary to each other.
regards
esh