Of course not...
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First computer gets this from DHCP :
IP Address. . . . . . . . . . . . : 66.131.117.40
Subnet Mask . . . . . . . . . . . : 255.255.255.0
So on the second computer I use a fixed IP.. like..
IP Address. . . . . . . . . . . . : 192.0.0.1
Subnet Mask . . . . . . . . . . . : 255.255.255.0
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This setup wont work, just having the same subnet doesn't help - the IP addresses must also follow a certain set of rules. To make this short and sweet:
Setup computer 1 (currently dhcp) as:
ip 192.168.0.10
sn 255.255.255.0
Computer 2
ip 192.168.0.20
sn 255.255.255.0
Now they will be able to ping each other, however, you will have no internet access. Playing lan games will be fine. This now is where you have to fiddle with ICS on computer 1 (internet connection sharing) and hopefully the wizard will role through and setup your NIC (network interface card) using DHCP.
Basically ICS will have to detect this IP 66.131.117.40 from your cable modem and hopefully is smart enough to use that IP and 192.168.0.10 for your card. Like I said, I've never used ICS and have no idea just how bright it is. A router really simplifies things like this and is a good layer of added protection between your PC and the internet.
Good luck!
*** EDIT: Don't waste your time - you either have to buy a second network card for PC 1 or buy a router ***
http://support.microsoft.com/default.aspx?scid=kb;en-us;265728
Unless there is some other hack to make it work, but by the looks of things you're SOL. I'll let someone else explain that acronym
gm