Everything on wireless connections can be sniffed. If you have WEP, WPA, or some other encryption running on the connection, the person trying to hijack into the network would have to decifer the security key first (possible given the right software, patience, and a bit of "right place/right time"). If your security is based soley on encryption and they crack the key, they're in. If you also have a layer of MAC-address authentication, they would have to sniff that out of the traffic. I haven't read of anyone sniffing a MAC-address, but I'm sure if they are able to sniff and assemble keys, they can do the same with MAC-addresses. If they get the MAC-address, they can also connect, but it would probably create problems since two machines would be trying to use the same credentials at the same time.
If you only use MAC-address based authentication, it would be easier to break into in comparison to encryption with MAC.
I have no idea if its easier to sniff MAC addresses or WEP. The fact is that all forms of wireless security have large holes that can be exploited if the person trying to break in is diligent enough.