Hi, my router is a WRT54G.
Here's the link to the Linksys website for the
WRT54G router for future reference. On this page you'll find a link to the User's Guide.
I went to the IP, got as far as the WEP security Mode, couldn't find a Pre-Shared Key so went no further.?
Establishing wireless security on the Linksys is described on pages 27 - 28 in the User's Guide. I suggest that you use WPA "Pre-Shared Key" instead of WEP as it is much more secure.
Before I continue further into this, will this procedure just not allow shared usage with new computers trying to access my wireless connection without a password?
Yes, this will require using a "password" in order to connect to the Linksys's wireless network.
Will the existing laptops (my wife and son's macbooks) continue to have access or will they have to use a password and if so, once it is used will they have to log in each time?
They will have to use a password for access...and yes, they would have to enter it each time (unless their computers provide a means to store passwords.)
Since I don't know what it is, am I safe to assume that my wireless network password is the same that I use for the computer updates permissions?
No, the password to access the administration pages of the Linksys is different. You can reset it to it's default value by resetting the router. (see pg. 6 of the User's Guide -- basically, you just need to depress the reset button for at least 10 seconds to perform the reset to the factory default settings.) Once reset, you would just enter the default Administrator username & password. (see pg. 14 of the User's Guide -- the default username is blank & the default password is admin.)