I was trying to do the same thing. I could see the adapter and
configure it but it never got connected. I later went to wired and
had success after setting a DNS address. I may go back to the WG111V2
and see if I can make it work, now.
Anyway,
Run Network settings from the administration menu. Select the wireless
adapter. Go into the settings (or configure) and start filling in
information. Try using WEP (if you have it set on your acess point)
and DHCP. I tried static IP addresses, no encryption, nothing seemed.
In the DNS tab I had to put in
the IP address of my router in order to get connected with wired. It
might be the part I missed when I tried using wireless.
Good luck, keep us informed about progress.

Never a problem with wired connections. I just want wireless as well.

Any suggestions as to wireless hardware (that you have installed
successfully) welcomed.

BTW, 7.10 upgrade was effortless and flawless. P111, 384mb ram

We can do this.

I just tried again and I get nothing with the WG111V2.No activity light,
no ping,nothing. The adapter works on my XP laptop but not with Ubuntu.
Let me know if learn any tricks.... I was hoping 7.10 would fix it....

Go here and download advice about installation

http://kbserver.netgear.com/products/wg111v2.asp

And here to learn about this adaptors vulnerability.

http://www.ciac.org/ciac/bulletins/r-052.shtml

Have you checked out:
ubuntuforums.org/archive/index.php/t-414207.html? The
instructions are for Feisty, but give you two ways to do it: one native,
the other using Ndiswrapper.