I purchased worms world party and when I install sp1 after installing Worms world Party it says that I do not have the right disc inserted when I know I do.

Either insert the CD or if you've inserted the CD, ensure you've installed the correct patch for your CD's release region. http://wormsworldparty.team17.com/main.html?page=comm&area=_down_patc shows pictures of the 3 different WWP CDs and has links to their associated patches. Make sure you've downloaded and installed the right one.

My cd does not look like any of them, I'm thinking it's a newer re release of the game.