Using Webform with tokens in drupal 7 I have a custom content type "Project" which has two fields "Completed Projects" and "WIP Projects". I have added some of my project as completed and rest of them are wip.

Using webform, I wanted to create a form, which can show ONLY my WIP projects (Not completed projects) in check box option. So that check box entries can be generated dynamically and user can select WIP projects.
You dont have to use tokens there. You can use hook_form_alter to add the correct node titles to the form at that stage. You write a custom query, and populate the empty list.