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there is no FW port on either machine well not fw400 at least.

It works with any of the below FW ports:
firewire4final.png

Or you could network them together via (Gigabit) Ethernet cable.
 
last question. meaning i boot the computer in target disk mode and connect them with an ethernet cable? that will work?

No, TDM only works with Firewire.
What I meant with the Ethernet connection is a network setup. Each iMac will show up under "Shared" in Finder's Sidebar if File Sharing is enabled and both Macs are running Mac OS X at the same time (meaning they are booted into Mac OS X).

http://support.apple.com/kb/HT1549?viewlocale=en_US
 
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