The maximum length of the key should be the one obtained by calling mcrypt_enc_get_key_size() and every value smaller than this is legal. The IV should normally have the size of the algorithms block size, but you must obtain the size by calling mcrypt_enc_get_iv_size(). IV is ignored in ECB. IV MUST exist in CFB, CBC, STREAM, nOFB and OFB modes. It needs to be random and unique (but not secret). The same IV must be used for encryption/decryption. If you do not want to use it you should set it to zeros, but this is not recommended. The function returns a negative value on error.
You need to call this function before every mcrypt_generic() or mdecrypt_generic().