I think you mean WPA-PSK, not WAP-PSK, but anyway... Here are some basic security items for a standard wireless access point.
- enable 128bit WEP
- disable SSID broadcast (aka make a closed network)
- change the SSID from the default to something which is only known to you
- enable MAC address filtering on your access point.
- change the admin username and/or password of the access point.
None of this will deter a serious hacker, but it's better than none at all :-)
I'm afraid I don't use WPA-PSK at the moment, so I can't really comment on it's security benefits. However I found this webpage over at microsoft.com which does a good job of explaining WPA itself.
http://www.microsoft.com/windowsxp/u..._03july28.mspx
Hope this is useful