Connecting to wireless network *and* another computer at the same time?

Hi,
I will be getting a new macbook soon and have an old powerbook with airport. I am wondering if it is possible to connect to my old powerbook via airport, while still being connected to a third-party wireless internet connection (from the macbook). The crucial point is that I cannot connect both computers to the wireless network, because subscription is based on the computer's hardware address and I don't want to pay for 2 computers (I don't need to have internet access on the old computer, just a connection between the two computers). Anyone knows?
Thanks!

What you are referring to is known as "Internet Sharing" for Macs, but it's typically restricted to sharing the Internet connection from one port (either AirPort or Ethernet) to the OTHER port...not AirPort-to-AirPort or Ethernet-to-Ethernet.

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