Deleting the entry in edit connections should have no effect in your connection.
You can investigate the contents of the entry by clicking edit.
After you delete the entry, clickong on your connections name again(in the dropdown list) and re entering the WEP stuff will generate a new one.
As far as passwords go, if you can't unlock the user accounts with the existing password, then it doesn't work, or it doesn't have admin rights.
You can easily find out if you have admin rights by using a terminal and simply enter "id" (without quotes).
The admin rights would be listed as sudo, if that is listed then you have those rights.
If you don't have those rights, then follow the link I supplied earlier and after resetting the password and before exiting for the user run this
this will add your user to the sudo group giving you admin rights.
adduser yourusername sudo
Added: the 5 dot password is generic.
It simply means a password has been set.
The actual password could be 100 characters long and it would still be 5 dots.