WAN- wide area network this is for if you ran a cable from like your main router, modem etc... to the wan port thus giving the device the ability to give other devices a network connection through the LAN ports.
LAN-Local area network is for if you like what you wanna do in your other post, run the cable from the repeater to the device (computer, Xbox, PlayStation, tv etc..) giving thus devive a wired connection, it is for your local devices.
Any more questions let me know!
Thanks,