Well, if the cable/DSL modem has some sort of built in router, sure.
But with just a standard cable/DSL modem, no, this won't work.
All the hub will do it pass packets along to everything connected to it. Therefore it won't know the difference between IP addresses. And the ISP only assigns one IP address per modem, so you may as well just connect one computer directly to the modem.
Even i_krayzie_i's post doesn't make sense...in any configuration how would disabling DHCP allow any ISP to assign a device an IP address? If you have disabled DHCP, then you are disabling the functionality of the device getting an IP address besides the one to statically assign to it.
*i_krayzie_i*
The internet is based on routing. A router will strip off the MAC address and NetBIOS Computer name of any packet it receives. If the ISP were to send a packet intended for of of his PCs on the LAN then how else would the packet get reconstructed once the packet reached the hub? If you are going to share a cable/DSL modem connection between two or more PCs on a LAN then you need routing.
-Mike