Access Point: select if you want to run your IPCop as Access Point. Please note that this option may not be selectable, depending on installed WLAN card.
SSID: Service Set Identifier to use.
Autostart atfer boot: select if you want to automatically start WLAN after booting IPCop.
Disable SSID broadcast: select if you want disable broadcasting the Service Set Identifier, please note that this is not a real security feature.
Encryption: select which encryption to use. Unless running a public WLAN AP you should use WPA.
Use Antenna: currently untested, use with care.
Channel: which WLAN channel to use. Choose wisely to not interfere with any neighbours.
Tx Power: should work for MadWifi.

Key 1..4: WEP keys, defined as 10 or 26 hexadecimal [0..9A..F] characters.
WEP Key to Use: which of the 4 keys to use.
Passphrase: use in combination with the Calc WEP Key button to calculate a key.
Random WEP Key: use this button to generate a random WEP Key.

Passphrase: will be used together with SSID to generate PSK. Must be between 8 and 63 characters long.
WPA Version: can be 1, 2 or 1+2.
Loglevel: regulate the amount of information logged and viewable through Logs -> System Logs -> Section: WLAN AP.
Debuglevel: regulate the amount of debugging logged and viewable through Logs -> System Logs -> Section: WLAN AP.