I recently moved in with a couple friends who already have a network infrastructure setup.  However, the wireless portion is only 802.11b leaving me with a slower than desired connection.  I would like to add my WRT54Gv4 as an access point into the network, while still being on their network. 

I would like to connect my WRT54Gv4 via 1 of the 4 LAN interfaces to the current network switch.  I want to be able to authenticate wireless connections via my WRT54Gv4 and user the WAN interface as a management port on a separate LAN. 

Is this possible with OpenWRT, and if so, has anyone tried?  How did you go about setting something like this up?