I think "Hosed" is more of the word your looking for. Some where in the fine print it will and most likely say speeds up to 7.1Mpbs. They like to play that line for crap service.
If you got the original setup disk. I would uninstall and then go to program files and delete linksys files. You don't want to reinstall to a corrupt folder. It wouldn't hurt to go into the registry and delete everything that has to do with the router. Now you will have a clean install when your done.
Where you are leaving it blank (Name) type "admin" and if you know the password put it in on the next line. Here is a picture where you change the channels.