Well you need a client to talk to the server (daemon)
MemcacheD is the daemon, and alot of people wrote clients for it to be used in different types of coding languages etc .. here is a complete list:
http://code.google.com/p/memcached/wiki/Clients (you'll notice your pecl module for php is listed there as well
1. Hostname: the ip or hostname where your memcached server is running on
Port: the post where memcached is running in (11211 is the default memcached port)
Weight: is not used when you have 1 memcached server, weight is when you have 2 or more. so since you've set it to 10, you can leave it like that.
2. nah not really, the daemon is easy installed and most of the default settings are just fine, install and go

Something you can try: Save thumbnails in memcached

We have alot of thumbnail generation going on on our sites .. when they get called, we check it's existence in memcached, when not there, generate thumbnail, save it in memcached ... the next call will be directly from memcached since it's there, so no double generation, .. saves alot of processing on the servers .. after some time when the memory is full, it gets wipes and start over again

try it!
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