The simpler solution is to buy a wireless router. These boxes include a gateway router, a switch (usually with 4 ports), and a wireless access point. Here's how it would go in your network:
Cable modem >> router WAN port
router LAN port >> PC #1
router LAN port >> PC #2
router wireless >> laptop
This simplifies things in a number of ways, including making it so you don't have to have any particular computer running to allow others to access the Internet. You have two ethernet ports left open for future use, and the access point usually is capable of supporting over 200 wireless clients! Cool?