You can't really split a DSL line; only one DSL signal will fit on a standard telephone pair. The DSL signal flows as a very high frequency signal, far above the voice signal. This makes it sensitive to the kind of signals that regular telephones accidentally put on the line, as well as changes caused by picking up or hanging up the handset-thus the need for some sort of filter, either for the whole house, or for each telephone outlet other than the one your modem is plugged into.
Tell your ISP (or whoever gave you a USB modem) that you can't spare the USB port anymore, and that you need an ethernet modem. Then buy an inexpensive router (you can find them in the States for less than $40). You plug the ethernet cable from the modem into the "WAN" port of the router, and your computers ethernet cables into "LAN" ports. Assuming you haven't tinkered too much with the computers' settings, you should be up and running right away.
If your modem wasn't provided free, you may have to do some talking to work out the price difference between the return of a USB modem and a new ethernet modem.
There is a way to work things out without more hardware. You enable Internet connection sharing on the computer the modem is plugged into, and you plug an ethernet cable between that computer and the other one. The only problem here is that the one that's plugged into the modem must stay on for any surfing, even if you're only surfing on the other computer.
In these scenarios, yes, both computers can be on the Internet at the same time, and neither will seem to be slow because of the other.