Laptop as router

[Doooh Head]

Hey All,
 
I have an older (2-3 year old) Dell laptop running the latest Ubuntu.  I don't have a wireless router, so even though the laptop can access wireless, it isn't being used.  I have it directly connected to my wired router.
 
I just recently received a new laptop from work and am now wondering if my "wired" laptop could act as a wireless router for my work laptop?  Has anyone done something like this, if so how and what software do I need?  Could/would it simply be a matter of running something whenever I need the "router" ability then be able to shut it off or is it always on?Doooh
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