you want alot of bandwidth. satellite splitters go even further. any more splits than that in the house you use a blonder-tongue TAP. TAP's are designed to allow XX signal to each output. Tap's are what they use at the other end of the wire (on the pole, in the ground). taps are far superior to splitters.
remember its -3db per point loss. you lose 3db connecting to splitter, 3.5db in the splitter, 3db connecting the other end of splitter, over what you have. (plus cable length loss). so yeah it could in (unknown signal levels?) case affect you greatly.