This option will bring up the network setup window, where you can configure the network name and security settings.
If you select WEP security, you can enter a passphrase, and while you type WMWifiRouter will generate a key in the box below it that is actually used for the encryption. The latter is also the key you should enter on your other devices (do not use the passphrase itself). There is an exception when you enter a 13 character phrase, as such a phrase can be used as a key directly.
WMWifiRouter always sets authentication mode to "open".
When you save the settings, all other ad-hoc networks will be removed from your wifi settings!
Note that you may need to remove the wifi network with the old settings completely from your computer or it will not work. See KB080215 .