Ya, OAuth is probably for you.
There are actually two OAuth specifications, the 3-legged version and the 2-legged version. The 3-legged version is the one that gets most of the attention, and it's not the one you want to use.
The good news is that the 2-legged version does exactly what you want, it allows an application to grant access to another via either a shared secret key (very similar to Amazon's Web Service model, you will use the HMAC-SHA1 signing method) or via a public/private key system (use signing method: RSA-SHA1). The bad news, is that it's not nearly as well supported yet as the 3-legged version yet, so you may have to do a bit more work than you otherwise might have to right now.
Basically, 2-legged OAuth just specifies a way to "sign" (compute a hash over) several fields which include the current date, a random number called "nonce," and the parameters of your request. This makes it very hard to impersonate requests to your web service.
OAuth is slowly but surely becoming an accepted standard for this kind of thing -- you'll be best off in the long run if you embrace it because people can then leverage the various libraries available for doing that.
It's more elaborate than you would initially want to get into - but the good news is that a lot of people have spent a lot of time on it so you know you haven't forgotten anything. A great example is that very recently Twitter found a gap in the OAuth security which the community is currently working on closing. If you'd invented your own system, you're having to figure out all this stuff on your own.
Good luck!
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