1. You have a home router. Think of it as multiple components packaged into a single box. For example:
WAN Port (usually public IP address)
|
----------------------------------------------------------
| Router / Firewall (NAT?) / DHCP Server |
----------------------------------------------------------
|
LAN Port Logical? (private IP address)
|
|
LAN Logical? (to router)
|
----------------------------------------------------------------
| Switch ( 5 ports? - 4 physical LAN, 1 logical to router |
| ( Distributes traffic based on MAC address ) |
----------------------------------------------------------------
| | | |
LAN_1 LAN_2 LAN_3 LAN_4
Note: I do not guarantee that my representation of the functionality packaged above is correct.
2. Router Configuration. If it's working then I guess you don't have to do the router setup. Almost all of the configuration parameters involve the hardware firewall (security) which restricts traffic to/from the WAN port. You can restrict access to WAN port via IP address, MAC address, time of day, days of the week.
The only functionality that affects the LAN is the DHCP server. You can enable or disable it. If enabled, specify the range of IP addresses to use, the max number concurrently assigned from that range, and the lease time. You may also specify DNS server addresses.
The WAN port is usually used for internet access, but may be used to connect to any other network (local or WAN). If you use the WAN port, you should configure the router for security purposes. First thing to change is the network address of your LAN, possibly the subnet mask, and the user name / password used to access the router configuration web page.
If nothing else you should configure the router to gain a better understanding of the functionality it provides.
Linksys also periodically provides "firmware" updates for these devices (security, performance, stability). You may download them from the LinkSys web site. You must get the correct one for your model number and version number. If everything works, I'd let the firmware updates go for awhile. Flashing the firmware is always a risk.