In the "How to Configure OSPF Simple Password Authentication on Cisco Routers" YouTube video, the speaker demonstrates configuring OSPF simple password authentication on Cisco routers using 2911 series routers. They begin by assigning IP addresses to the serial interfaces and enabling OSPF, followed by configuring the authentication password for each interface. The speaker also discusses the advantages of using a loopback IP address and calculating the summary address for OSPF's fourth octet. To implement simple password authentication, the user must enter the same key on every interface and apply the "area authentication" command, but the password is not encrypted by default. To secure the password, the user must encrypt it using the "pp authentication message-digest" command. The routers will not form neighbor relationships until both routers have been properly configured with authentication, but once in place, neighbor relationships will be re-established.