I'm not sure how you wamp is setup but you will need to have a SMTP server installed in order to test the email functionality locally. There is one that I use for testing called free SMTP server. It seems to work well for simple development testing.
As for your live host if they require authentication you must use the PEAR mail option. When configuring UE click on the icon that looks like an envelope to adjust the mail server settings. In here you need to specify the name or ip of the mail server and choose PEAR mail. When you choose this option you will need to know the path to PEAR, this is the PEAR path on your server. If you do not have this info you will need to get it from your host.