On the pc with the modem, go into Network and Dial-up connections, right click on the Internet connection icon, select Properties then Sharing, and click Allow Internet Connection Sharing. Choose Dial on Demand if you want the other pcs to force it to dialup when they need Internet access.
As cbs604 stated, only hitch to it is all machies must be set to automatically obtain IP address and you'll be forced to use 192.168.0.0 for a network address. There's also third-party software available that will allow you to do the share an internet connection.
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