"The Wi-Fi Protected set-up (WPS) is disabled, should I enable it?"
ABSOLUTELY !
"The Block ICMP Ping is ticked and I keep getting a 'intranet settings are turned off' message, should this be turned on? What are the intranet settings?"
"Block ICMP ping" should stay ticked. It effectively enable the "stealth" mode. It makes your computer invisible from the internet: Only the sites with whitch you are conducting a transaction can be aware that your computer is even connected to the internet.
Intranet, or LAN, settings are a set of rules governing how various devices can connect, what kind of application can communicate, and how... This is not crutial, but it's often preferable to enable and set it.
Once enabled, go through every screen, check every option.
If unsure about an item, check your documentation/help or ask here if it's not clear enough.
"I have a Belkin.72C6 router with a WPA/WPA2 security type and was always under the impression that this was a good security set-up. Could it be that the router has developed a fault in the warning light connections?"
Having WPA/WPA2 is not enough, it must be enabled.
WPA2 is the level you should use. Properly used, it's the best level that you can use. But, if there is no wi-fi password, or a very weak one, your network becomes open to anyone.
WPA is OK but dated.
WEP should NEVER be used. It's obsolete with only a 2 seconds crack time, or less.
The green light is not a warning but an activity indicator. It actualy flicker, but the flickering can be to fast to notice and appears solid.
It's unlikely that it have devloped a fault. The most probable cause is that someone else is "sharing" your connection over an open network. The network been open due to WPA2 not been enabled or is enabled but without a strong password.
Electro, January 2014