i'm ok (no where near great) at networking, but i'm going to have to say no to this.
this is what i did.
i didnt want to buy wireless network cards for my pc, xbox, and other pc.
the wireless router is downstairs (DIR-655)
i purchased a "WIRELESS BRIDGE" (DAP-1522 $90 i got it when the xbox wireless adapter was the same price as it)
think of it as a switch but it connects wirelessly to your router.
the reason why i went with D-Link on the wireless bridge is because the Linksys had a single input port which didnt help me at all. the D-Link has 4.