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It would be a waste of time to dwell too much on the type of security encryption the WIP330 does not support instead let's look at what it does do.
As of the latest firmware version, 1.03.18S, the WIP330 supports WEP (64bit/128bit) and WPA-PSK. I myself use WPA-PSK with a 16 character password and it works fine with that over the several routers I generally use. A longer passkey or other types of WPA may well not work
It does not support WPA2.
It does not support RADIUS server authentication
Early firmware versions had problems with WPA but from version 1.03.10SUA WPA Key Connection issues fixed, according to the Linksys release notes. Yet another reason to upgrade the firmware.
OK, so how to make a secure connection to your router.
1. Make sure you select the correct security level on your router - WEP or WPA-PSK.
2. Power on the WIP330 and it will scan for networks and then display those it finds with a padlock symbol indicating security.
3. Select the one you want and press the centre button.
4. A window opens into which you input your password.
5. Hit the select key...
Choose your network
WEP
WPA