Many people, including me, have done this quite easily..! And it's indeed a good
project that will help u in your class.
I have an old pentium1 200mhz 32Kram computer installed with linux (debian). It has two NICs, one is attached to a dsl modem and get's it's ip address via dhcp from my isp (verizon). The other nic is cabled into a six port network hub. Thusly, I can connect other computers (windows, mac, linux, doesn't matter) to the network hub and have a very simple local 'network'. Since i have only a few additional machines, i assign IP addresses to all of the lan-side nics myself
The old linux box has been upgraded with additional storage, but nothing else. It doesn't even have a monitor attached (this is called 'headless' in net-speak). It acts as a firwall, internet gateway, and file server (using 'samba'). Despite being such an 'old' box, it runs perfectly, silently, and is more than enough to support the services i need.
All of the above was accomplished by searching the net for resources and reading howtos and tutorials on my own. Some suggestions are obviously google, and also
www.tldp.org, www.debian.org (there are many others).
If you already have the computers available to you, then use the newer, faster computer for the firewall/gateway. You'll want to use the more capable machine for your desktop, obviously.
If you only want to connect two computers, then you wont even need a network hub, you can simply connect the 2nd nic on the gateway machine directly to the nic on your desktop machine, but you will need a 'crossover' cable rather than a standard ethernet cable.
Hope this helps