I don't know what WEP stands for. Perhaps I need to read more. I understand 128 bit as it refers to cipher strength. I suspect its use is similar here. As far as a password, I'm the only one in the house. I don't use a password now to access the net (other than the one my provider gave me). I don't start the computer with a password either.
I reckon that I'm going to learn a bit about networks before this project is done. Which is a good thing.