What API and My Account are you talking about?
API is used in gaining entry in several of the plugins. It is a combo of numbers and letters. It is suppose to available in the “My account” folder in your blog. Mine is not.
You have to sign up for a wordpress.com account here:
http://wordpress.com/signup/
That will give you the API key you need to use Akismet and any other plugins that ask for one on your self-hosted wordpress.org site.
