Originally Posted by ScottC
Why wouldn't it? If it'll work on a router, it should work fine on the ethernet port of a laptop running ICS. Actually, Microsoft even explains how to do it:
http://www.xbox.com/en-US/live/connect/windowsics.htm
(Granted, this is for the regular xbox, but should work the same on the 360)...
you're right -- most laptops only have one ethernet port though, so i guess you can only do this if you have a USB based cable/dsl modem or a dial up modem...