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No, it won't.
You have two choices:
1. Buy a crossover CAT-5 cable, wherein a couple of the wires are crossed over (hence the name). They are fairly cheap; I found a three-foot cable for US$3.50 at CompUSA. These cables are not interchangable with regular CAT-5 cables.
2. Buy a small hub or switch, and use regular CAT-5 cables. I saw prices as low as US$16 on-line, but reasonably, expect to pay a minimum of US$25.
I'd lean towards a hub or switch because it's easier to add more folks to it later on... or other things like a printer. I'm fond of Linksys, but they're around $40-50 for a basic hub or switch.
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