Yes, you can do it, and it's not even necessarily a trick. Depends upon a couple of things:
Of course, each modem will require it's own phone line. 2 modems = 2 phone lines.
The easy way is to use Microsofts Multilink PPP option. This will only work tho, if your ISP supports it (If they use NTAS, or Win2k/AS I believe). This merely involves adding a 2nd adapter (Also known as VPN connection) in the Network Settings, installing/configuring the second modem, and then under your dialup properties, go to the last tab (Multilink PPP), and check 'use this modem also', and give it the phone number. That's the easy way.
If your ISP doesn't support Multilink PPP, then you can still do something. You would need 2 ISPs. You could dial up one ISP, then dial up the other ISP. Then you would get a little program that would constantly change your routing tables. What this would do is send some of your internet traffic out one modem, then when the routing tables changed, it would send some traffic out the other modem, and so on, and so on.
I believe there is another option which I don't know much about, which is that some of the Diamond Supra modems (I think) supported something called "shotgunning". But again, I think your ISP has to support it, and it does something similar to the multilink PPP, but it does the packet muxing between the modems, while the Multilink PPP does the packet muxing between the protocol stacks.
The multilink PPP is nice and clean, because it allows for multiplexing of the traffic at the protocol level, and it effectively utilizes both modems in parallel. So you can achieve true 96Kbps throughput (56K modems will really only talk a max of 48K or so). And you will see that with all traffic, including file transfers.
The other type of channel bonding will make browsing seem quicker, but file downloads will still be limited to the speed of one channel, since one transactions data will be limited to one modem (If a request goes out Modem A, then the response will come back through Modem A).
Hope this helps.
BTW, I was doing this before I got my Wireless broadband. I would set up 2 dialing options. One would use one modem on the second line, and then the other would use both modems. During the day, I would use the 1 modem option. Once the kids & wife went to bed (9pm or so) and I wasn't expecting any more calls, I would drop the single & fire up the double. Nice improvement. Doing it late also has less of a chance of impacting the ISP by tying up an extra modem/port.
As far as ICS goes, I'm not sure, but I had registered Sybergen's Sygate 4.0, and it just picked up on the fact that a TCP/IP connection was established, and used it. It wanted a default one in case it had to establish a connection, but if I brought the dual link, it was quite happy to recognize it and use it, so I could do work on the kids computer @ full speed.