Hi all,
problem was, I was not using Wyse keyboard.

Sorry to revive an old thread but I followed these instructions and I get it to recognize me hitting the p key but the activity light steadily blinks green and nothing ever appears on screen.

Please note I am not using a wyse keyboard on this t50. I found it at a yard sale and need to reset it....

I have noticed on some of them you have to:

-Hold the power button down (WITHOUT holding down P) until the gray background with yellow font "WYSE splash screen" comes up
-Let go of the power button, and press P once.

-Steve

After update, boot time password is Fireport (respect lower and uppercases)

Hi romulis and sasapop, to enter boot menu and succeed at every time, i maintain the Power Button + CTRL + P Touch at boot time.
It works great every time.

woudedoutlaw,
since you found it in a yard sale, it may be bad and need repair.

Roger Montalvo 
Visit our Dell Wyse Thin Client Knowledge Base and Manuals web site at www.wyse.com/KB
Visit our Dell Wyse PocketCloud Knowledge Base and Manuals web site at http://pocketcloudsupport.wyse.com/forums
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Cool Success

Bouncing on the 'P' key as Romulis suggested worked for us. Microsoft USB wired keyboard.