What type of media are you trying to share?
-Video typically requires one of the devices to be wired, not wireless
-Music files would probably work fine with both devices wireless
What type of network connection are you using for the clients and server?
-wireless clients are b, g, or n?
-wired client(s)/server? what speed?
What are the laptop specs for these devices?
-CPU
-RAM
-disk drive(s)
The answer to the question is yes, but YMMV depending on some variables listed.