Well, in any situation, the bandwidth provided by your cable modem is going to be shared. Just because you have two computers hooked up to it (either via a residential gateway, 2 NIC's + crossover, or all 3 devices on a hub) does not mean that you will have more bandwidth available. That said, anything she does (send email, download web page, etc.) will need to be shared on the connection, thus slowing you down. Realize, though, that sending email / browsing the internet requires such a negligible amount of bursted bandwidth compared to what your cable modem is able to provide that you would hardly notice it if you were sitting there downloading megabytes of MP3z, pr0n, or whatever. So, in short, yes it will slow you down, but you are not going to notice it provided that all she is doing is casual use.
It seems like you have decided on the 2 NIC + crossover cable route. In the short term this is a good idea, but if you want to add more computers that have access to the internet, you will need to purchase a hub. Also, if your computer is the one connected to the cable modem, it must be on at all times if your sister is to get online. All of these problems are solved by purchasing a residential gateway / firewall / nat box (or whatever you wish to call it). The basic idea is that it allows all of your LAN connected computers to access the internet with no dependence on eachother while providing a certain level of security from online hax0rs. They are quite simple set up. If you do decide to go this route, get the SMC Barricade, by far the best one out there.
Hope that helped,
~bex0rs