I have been using a Netgear WGE111 Wireless Game Adaptor for a couple of years now as a wireless bridge to connect a Slingcatcher to a Netgear WNR2000v2 router. Works without problem -- even gets 70% signal strength through two concrete walls It is set up with a static IP address. The connection to the router shows up with the Slingcatcher IP and Mac addresses. The speed is the same as that achieved using Slingplayer on a hardwired PC.
Are you sure you have all the correct settings on your WET160N? Probably worth double checking.