I use 64-bit WEP and MAC filtering. Also, all computers on my network are in infrastructure only mode, this is an important setting that a lot of people overlook. Once I get a new card for my wife's machine I'll bump it to WPA TKIP-PSK with MAC filtering.
I leave on SSID broadcast because turning it off does zilch for security but can cause problems for legitimate users. The people who would be impeded by a non-broadcasted SSID are the same people who would be stopped cold by 64-bit WEP.
WEP at any encryption level can be hacked fairly fast, but I'm a residential user in a conservative neighborhood that has lots of kids. Pull your car up outside and see if you can break my WEP before some concerned parent has 100 cops and maybe the FBI on the way to investigate the strange guy sitting in his car working at a computer.
Remember that the purpose of WEP/WPA is not really to prevent people from stealing your bandwidth. Their intent is to secure transmissions between legitimate wireless devices and the network. They can function as a method to prevent people from stealing your bandwidth, and I wouldn't do anything to discourage using them for that purpose, but that is not the purpose for which they were designed.
If you just want to keep people off your wireless network but aren't concerned with encryption, MAC filtering is the best solution. It isn't perfect by any means, but it's harder to determine a valid MAC address and spoof it than it is to decrypt WEP traffic and get the key. Besides, if someone is nearby spoofing your MAC address while you're trying to use your computer, you'll know something is up. There really isn't any indication that someone has cracked your encryption unless they start messing with things on your local network or you are more vigilant than most people about checking your logs.