WD MBWE Visibility on Network via iMac

I have the drive connected directly to my iMac via ethernet, from here I am able to see the drive and copy files. I would like my iMac to share the drive to the rest of the wireless network, how would I do this? Also when I assign a static ip address the drive simply disappears from my iMac and I am unable to connect to it and I have to reset it using the button on the back of the drive.

Are you running the new OS lion?

In Finder, click MyBookWorld in the Shared list (if necessary, click All and thendouble-click MyBookWorld). 

Double-click the Public share.

The share may appear as a shared drive icon on the desktop depending on your

preferences. You can now drag and drop files into the network drive folders using Finder.

Click the item you wish to alias and hold down the mouse button. Hold down

the Cmd and Option keys simultaneously and drag the item to where you

want the alias to appear. Instead of moving the original item, this creates an

alias at the new location.Double-click the item you want to alias (e.g., the Public share icon), and then

click File>Make Alias.The Public share icon displays on your desktop

Thanks for the reply, I had tried that. Overall I am unhappy with the drive so I am returning it today and getting a mybook studio with firewire 800, not only will it be quicker but it’ll share on the network the way I require.