Mac security question and opinions

Hi,
My Mac is plugged directly into my cable modem. I am wondering about security.
Firstly, I have two accounts for me and my wife; my account can "administer the computer" and my wife's cannot. Both accounts currently have blank passwords, I know that may sound like a red flag right there, but it's just easier to switch back and forth that way.
I discovered there's a firewall on the System Preferences > Sharing > Firewall tab. I clicked "start firewall", but I'm wondering what that's going to do for me. Apple's docs say that make me invisible to the world.
So the quick question, with "firewall started" am I pretty much protected against threats coming from the internet? I prefer to leave the accounts with blank passwords, am I being stupid? I just don't feel like it's a problem, especially if the firewall works as advertised.
Any info or opinions are greatly appreciated!
slegge
20" intel iMac   Mac OS X (10.4.9)   2 gig Ram, x1600 128Meg video

I strongly recommend that you use a password for each login account but primarily for your admin account which will also be required when installing any software that uses an installer and/or for something being installed to the root directory of the hard drive such as a virus would likely require. If you are ever prompted for your admin password out of the blue to install anything without purposely trying to install anything, you should always decline which not having an admin password negates.
Many single users of a Mac have an admin account (obviously and required) but create a login account without admin privileges for every day use as added security.
Besides turning on the built-in Firewall, do not enable any services/ports that you don't need or regularly use and select all options via the Advanced button under the Firewall tab.

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