If you want to share a cable modem connection between computers, and the ISP gives you only one IP address, you need to have some sort of gateway. This can be done with software running on a PC, but it is a lot more convenient to do it with a small stand-alone router. All the standard stuff like DHCP client for the WAN side, DHCP server for the LAN side, NAT (Network Address Translation) is all handled by the router, so there is no need for setting any of the computers up in any special way to make this work. And if you are using an ISP that charges you extra for additional IP addresses, you can save that money with a router.
Loo at this link for clear and simple answers to some questions that may come up concerning cable modems and high speed Internet connections. There are also some helpful tips available.
http://www.cable-modems.org/
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Maxwell