Frame Relay is a high-speed WAN technology that uses virtual circuits to transmit data over a packet-switched network. It was developed to replace slower X.25 networks and provide advantages like lower costs, higher speeds, and bandwidth sharing. Frame Relay uses DLCI values and committed information rate (CIR) parameters to define logical connections and guarantee bandwidth for bursts of traffic. Network operators can monitor link status and congestion using Local Management Interface frames and Explicit Congestion Notification. Configuring Frame Relay in a WALKair network involves setting up the physical ports, logical interfaces, and defining virtual circuits with associated DLCIs and traffic parameters.