on the street vs. in the street

Could anybody explain what the difference is? (if there is any).

Thanks in advance.

It all depends on context. For instance, I would say "Children are playing in the street", not "on the street". A person or object would usually be described as being "in the street". If you also mean specifically the surface of the street, you might use "on the street", but I think it'd be more typical to say "on the pavement" or something like that.

However, a location would be described as "on" a street: "My house is on fifth street".

- Kef

"Fifth Street" should be capitalized above.

"In the street" is used to describe location in British English.
"On the street" is dominant in North American English for that matter.

Both are used here in England. For example my house is in the middle of my street (blimey - that sounds like a song I know!!). I could also say "I went to the HMV in Oxford St yesterday". But I could just as easily say "on" for the latter example as in "I went to the HMV on Oxford St yesterday". I think both are inter-changable really, so use whichever one you feel fits better.

It is the same with being 'in a team'. Generally , here in England you are 'in' a team but I could also be 'on' a team. Both mean exactly the same.

Both are equally correct, it all depends on what which words you like best. the good thing about English is that you get to pick which the ones you like.