I had a lot of probelms with the WPS11 also. I found this review(walkthrough) and it helped me Mine works fine now. Follow it carefully.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Linksys WPS11 Wireless-B Print Server > Customer Review #3:
--------------------------------------------------------------------------------
Works with a little patients
I purchased WPS-11 Ver 3 model from Amazon.com at a good price .... I have had good luck with previous Linksys products and they have all had very easy setup. This print server was difficult to set up and if you dont have a basic understanding of networking, set-up will be a problem.
I have a Linksys BEFW11S4 V.2 Wireless Access Point with 4 port router installed on my wireless network. I am running Zone Alarm firewall that is integrated with the router and it caused all of my problems. I was able to connect with wired Ethernet port and do all set-up of the print server using the included Bi-Admin tool but could not make the print server work in wireless mode. When I was connected by wireed port I could look at the wireless link status in the Bi-Admin tool and see that I was connected to the WAP and had good signal strength. (Please note unlike others have stated here, I had no problems with using an SSID different than the default or enabling 128-bit WEP).
I had to do the following steps to make the print server work in wireless mode. First, I disabled DHCP on the print server and set a static IP address. Then I had to enable exemption for this IP address on the security set up page of the Wireless Access Point. This is also the page where Zone Alarm firewall settings are made for the integrated firewall on the router. Had I just turned off the firewall on the WAP/router I would have saved a great deal of time. What ever you do, if you have a firewall, turn it off before you start the installation and it will go much easier. Then once things are running you can turn the firewall on and determine what firewall settings ned to be changed to allow the print server to remain functioning. Also once the Ethernet cable is removed you must cycle power to get the print server to use the wireless connection it will continue to try and acceess the wired connection once you remove the cable until you power cycle. It does not try to cycle automatically between wired and wireless.
After performing these steps everything worked great with out any problems.