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I have my PC hooked up wirelessly to a gateway in the lounge. I have the 360 linked via CAT5 to the PC. Now I'm pretty sure that in XP I could have allocated the 360 and IP and used XP to bridge the connections.
You can get a netgear router for £30 that lets you go online with the Box without having to have the computer switched on. (Will also let whatever sharing thing Vista uses work).