Yes, you're sharing the bandwidth, but you'll probably never notice. Several people can share a single 11 Mb/s connection without any problem. You might notice some slightly slower transfer times between PC's, but that's really a issue with the wireless in general, not that you're sharing a jack.
There is one thing that could be an issue. Some campuses have bandwidth meters and limits on each network port - IE, you might only get 1 GB of file transfer per month, or your upload speed might be limited to 56Kb/s. Four people will obviously fill that up a lot quicker than one person per jack.
I'd ask around, and talk to the campus helpdesk (there's always one out there somewhere). Don't tell them what you are thinking of doing, with the wireless, but ask them about the network connections to each jack - Is it limited, metered, or monitored in any way? Do they enforce the one-computer-per-jack rule? If the answer is no, then go for it with your wireless. If you get a yes to either, think carefully, as you might end up regretting spending the $300+ on the router and wireless cards.
One last note - If you DO get this, be sure to enable some of the security features, preferably the MAC address filtering. It would be pretty easy for someone to hook onto your wireless network and use your bandwidth or do a bit of hacking on the side - If it was traced back to your port, you could have some very serious explaining to do..
- G