Took me some time to set it up, so it might be easier to give you a config file
I changed my SSID, passphrase and mac for privacy, but the rest is still the same.
The WL-500W will act as a switch with a static IP of 192.168.2.253 with standard admin login credentials.
that way you just need to fill in some wifi settings and perhaps a new static ip and it should work
I have it working with WPA2 here
btw, the wifi led can blink on and off, that's when it can't find the network to connect to