Wifi options problem

Hey guys,

Was hoping you'd be able to help me out here.

Here's the situation: I'm moving into a 3 bedroom duplex with two friends. The landlord has a 10mb line into the place to share between between the three 3-bedroom units. Now, the problem is that this landlord does NOT allow you to make a wifi hotspot. Apparently stuff happened in the past where neighbours and such got onto an unsecured wifi network someone had and a lot of crap ensued. So yah, stupid policy. I even asked if it was okay if I used 128bit encryption, but he said it's easily breakable.. (is it actually?) So yah.

So, obviously I'm not going to live in a place with no wifi - **** him. So tell me if this works: I have my G4 iBook, and will be purchasing a 17inch intel iMac in the next 2-3 months. The imac will stay stationary in my room with a hard-wired ethernet connection, while I want the ibook to be able to roam the house. Can the iMac take in the ethernet connection, establish a computer-computer connection with the ibook, and allow the ibook to indirectly access the internet through the imac? Is this possible? So essentially the ibook would connect to a computer-computer network but still have access to the internet - and it would be a secure connection.

Thanks guys!
-bdog

 

ahh hmm.. Okay fair nuff. Can you do that easily in apple's system prefs?