Still getting the same error 
MtGox down. Waiting...
sh: /usr/local/phpchroot/wget: No such file or directory
MtGox down. Waiting...
sh: /usr/local/phpchroot/wget: No such file or directory
Are you sure that you changed BOTH occurences of the wget call? ;-)
Also if you chrooted the script it maybe doesnt have access to the wget tool.