MAC is by no way secure at all. "MAC" is the number associated with each device that connects to the network. Because MAC address limiting isn't encrypting, the hacker can easily view the data being transferred, read the MAC address and then clone it on his or her network card. Voilas, instant access.
WEP is insecure as it is easily cracked. After reading a few bits of encrypted data, the hacker is able to process it and work out (reverse hash) the key that WEP uses.
From wikipedia about WEP:
"Beginning in 2001, several serious weaknesses were identified by cryptanalysts with the result that today a WEP connection can be cracked with readily available software within minutes."
http://en.wikipedia.org/wiki/Wired_Equivalent_Privacy This is not an exaggeration, and by no means "television media" statistics. I have done it myself for part of my University degree.
If you want to be secure with your WIFI, use WPA or better, WPA2.
All Wireless Routers come with an administration panel that you can access via a web browser (locally).
Usually, this is set by default as
http://192.168.0.1 or
http://192.168.1.1 You will have to find out what the default username and password is. Once in there, you can click on "Wifi Security" (or whatever the manufacturer calls it) and choose a WPA2 encryption.
Not only is WPA2 secure, but it is also easier to remember. Before, with WEP, you had to remember an encrypted hex key (for example: 68656c6c6f),which isn't very easy to remember when setting up new computers on your network. With WPA2, you can use easy to remember phrases (but don't use your address, phone-number, or anything else easy to guess!).
The longer your key, the more secure. Remember, nothing is stopping a hacker from "brute force" whereby they try every combination: a, b, c, d,... aa, ab, ac, ... aaa, aab.. Its slow, but if your password is something as weak as "hello", this can be Brute Forced in under 4 minutes.
I went to a seminar on Cryptology a month or two ago, and one of the key points was to try something new with passwords. Instead of a "password", tell a short story.
For example: "I once took a walk along the beach". This can be turned into your WPA2 passphrase easily:
IOnceTookAWalkAlongTheBeach
Slap in a number or two, and you've got a pretty secure WPA2 solution to your Wifi security worries
2008IOnceTookAWalkAlongTheBeach2008
If anyone is worried about their WiFi Security, let me know the Manufacturer and Model Number of your router, and I'll try and find a step-by-step guide for securing it. If you're in the Edinburgh area, I do Wifi security for only