WPA replaces WEP -- they are related but non-compatible protocols that operate at the same layer, and only one can be in use for a device at once time. WPA is much more secure than WEP, so that is the one that you'd want.
WPA2 with with pre-shared key and AES encryption is the most secure option available to home and small office users without access to an expensive authentication server, although you may need to be content with WPA1 instead if some of your devices are incompatible. According to Wikipedia, however, all devices that are Wi-Fi Alliance certified since March must be WPA2 compatible, so you shouldn't have too much trouble with your Wii.
As far as the passphrase used as the "key" to your router is concerned, I would recommend some decent length of text that is easy to remember, preferably with punctuation and other non-alphanumeric components. This allows you to have something that is sufficiently complex, without the added difficulty of having to look it up when a friend comes over with a laptop and wants to borrow the wireless. I find quotes from movies, TV shows, or literature good sources of keys.
Finally, in regards to MAC address filtering: don't bother. Once the actual data encryption is broken, MAC addresses are trivial to obtain from the packets being passed around. It is only an inconvenience to yourself having to update the whitelist with virtually no added security benefit provided that the router is already sufficiently secure.
WPA2 with with pre-shared key and AES encryption is the most secure option available to home and small office users without access to an expensive authentication server, although you may need to be content with WPA1 instead if some of your devices are incompatible. According to Wikipedia, however, all devices that are Wi-Fi Alliance certified since March must be WPA2 compatible, so you shouldn't have too much trouble with your Wii.
As far as the passphrase used as the "key" to your router is concerned, I would recommend some decent length of text that is easy to remember, preferably with punctuation and other non-alphanumeric components. This allows you to have something that is sufficiently complex, without the added difficulty of having to look it up when a friend comes over with a laptop and wants to borrow the wireless. I find quotes from movies, TV shows, or literature good sources of keys.
Finally, in regards to MAC address filtering: don't bother. Once the actual data encryption is broken, MAC addresses are trivial to obtain from the packets being passed around. It is only an inconvenience to yourself having to update the whitelist with virtually no added security benefit provided that the router is already sufficiently secure.