There has been mud slides, flooding, and travelers stuck around Cuzco, Aguas Caliente, and other little towns leading up to the Inca site Machu Picchu. If you are planning on traveling to Machu Picchu in the month of February I would definitely contact any travel agency in Cuzco to make sure your bookings are available, and to make sure the Inca trail or the train is able to get you to see the site.
http://news.yahoo.com/s/ap/20100128/ap_on_re_la_am_ca/lt_peru_machu_picchu
http://www.nytimes.com/2010/01/29/world/americas/29peru.html?hp