It probably depends on whether your talking Professional or Server.
I know Professional has a 10 connection limit but I don't know if it applies to ICS. It definately applies to web serving and I think it applies to network LAN connections also.
Either way, your limited by the IP addresses available between 192.168.0.2 and 192.168.0.255 since you have a subnet mask of 255.255.255.0. Windows won't let you change the IP number or the subnet mask if your using ICS so that's a limit of 254 connections whether your using Pro or Server.
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