In Deepbit I've mined a fraction of a Bitcoin. How do I get the money into my wallet? Here it says "Instant payout button is shown when your balance is at least 0.01 BTC and you received less than 3 payments in last 24 hours." does this mean I have to wait until I have mad 0.01BTC?
Yes. Otherwise, the cost to transfer the Bitcoins (when you want to spend them) will wind up equaling or exceeding their value.
As far I know most mining pools require a minimum balance of one bitcent before you can withdraw. The fee for a transaction smaller than this is 0.0005BTC so I assume the pools have decided to block smaller transactions, although small transactions are generally allowed.