I can't be sure, but... it's probably a matter of routing on the WRT54G.
With DHCP enabled you get (using the defaults) an address range of something like 50 or 100 addresses starting at 192.168.1.100. It happens that the WRT54G by default will *only* route to that set of addresses. Hence if you come along and try accessing it from a host with an address in the 192.168.0.n range, as an example, the WRT54G has no route back to your host. (You can watch the lights an see that ping or attempts to access the web page do cause activity, but you get no response because the WRT54G has no route to your address.)
There are two ways to get around that. Change the WRT54G routing or access it from a host with an address in the range it will route to.
You need a way to access it to begin with, even if what you eventually do is set a specific route in the WRT54G route tables, so for now the only way to access it (short of doing a reset and starting over) is via a host using an IP address it will route to.
Use an address like 192.168.1.101 on the host you access the WRT54G from. Most OS's will allow multiple IP address assignments to an interface, so the easy way is to just add a new IP to your existing interface configuration. If you can't do that, you'll have to temporarily change from whatever it is to an address in the range that works.