OT Using Internet Sharing on a Wireless PC

[Wade Smart]

12062006 1500 GMT-6

My friend has a new PS3 (amazing I know) and we wanted to play it
online. Right now I only have this computer which is wired into my cable
modem and my laptop which is wireless. 

What I wanted to do is, I want to plug the PS3 into my laptop and allow
internet connection sharing to work (my wifes ThinkPad with WindozXP)
and then my old PS2 direct into the cable modem.

Its the wireless part that Im having trouble with. 

Is this even possible?

wade