BEagle -
A MAC address access control list is not real security. MAC addresses are in plain text in each network packet, so an attacker just needs to to examine the network traffic and spoof an allowed MAC address.
Likewise, 'closing' the network by disabling SSID broadcast can also be easily defeated. Both these options are really just an illusion of security through obscurity - the casual user cannot access your network, but anyone with an interest can break in trivially.
Static WEP has it's problems, but it's not as easily defeated as the other basic 'security' options. None of these are suitable for business use, but they may be fine for home use. Is anybody really likely to try and access your home wireless LAN?
