So I lost my iPod and it s password protected. I put it in lost mode so it ll play sounds when it connects to internet.?

that means it will make noises say if someone stole it not to worry you though but if he or she goes some where and enters a place where they have unlocked wifi it will make noises or if it is just in a place where the wifi is unlocked it will make noises also.

Did you loose it where you live or in a public place?
If you lost it where you live, then maybe it will connect to the Internet in a few hours.
If you lost it somewhere else where you never connected it to the Internet, you won't find it.