Wasatch Wilderness and Watershed Protection Act of 2010

Wasatch Wilderness and Watershed Protection Act of 2010 - Designates specified federal lands in the vicinity of the Lone Peak Wilderness and the Mount Olympus Wilderness, and specified federal lands comprising the Bear Trap Wilderness and the Wayne Owens Grandeur Peaks/ Mount Aire Wilderness within the Uinta-Wasatch-Cache National Forests in Salt Lake County, Utah, as wilderness and as either a new component or as an addition to an existing component of the National Wilderness Preservation System.

Designates specified federal lands contiguous to the existing Mount Olympus, Twin Peaks, and Lone Peak Wilderness Areas and the Wayne Owens Grandeur Peak/Mount Aire Wilderness Area enacted by this Act as the Heliskiing Special Management Area.

Requires activities within the Special Management Area to be managed to maintain its presently existing wilderness character and potential for inclusion in the System.

Authorizes the Secretary of Agriculture (USDA) to allow heliskiing activities that have been authorized on the federal lands included within the Special Management Area to continue.

Designates the federal lands included within the Special Management Area as wilderness and as a new component of the System when the Secretary publishes a notice in the Federal Register that all commercial helicopter-assisted skiing and snowboarding activities on such lands have been terminated. Renames the Special Management Area upon designation as the Wasatch Mountain Wilderness.

Requires the Secretary to expedite a land exchange concerning certain lands in the Uinta-Wasatch-Cache National Forest. Requires the land acquired by the Secretary to be included in the National Forest and to be managed to maintain its existing wilderness character for potential inclusion in the System.