If you are starting a wordlist from scratch, it is strongly recommended that you use FoundationStone's editor panel to input it. This is the most user friendly, and fastest way.
However, if you already use a wordprocessor/package with its own Hebrew font, and have already made a substantial wordlist with it, you may consider using the FontConverter (in the "Font Utilities" directory) to convert your existing wordlist to work with the FoundationHebrew font. If the conversion you need is not there, contact me and we'll discuss making one - or if you have some familiarity with programming you can add it yourself. To make this worthwhile, you'll need a fairly hefty sized wordlist. To see how it is done click here.
Another way of starting a wordlist, is to use the "New Frequency Ranked Wordlist From Hebrew File..." function in the Utility menu. For example, you can save a web page in your browser as unicode text, then produce a list of the words present and how often they occur, then add a translation.