Is your cable connection from NTL or Telewest?
NTL have a home networking newsgroup where you will get plenty of help from other users.
For NTL, the easiest way to do this is with internet connection sharing (ICS) built in to windows ME and 2000. You will need two network cards in the pc connected to the cable modem. 1 connects to the modem, one to the other pc.
If you don't have ME or 2000, go to
http://www.sygate.com and look at their home network software, which will share the internet connection in a similar manner to ICS. It can work with only 1 network card in the pc that's doing the sharing, but I am not sure if that will work with all the uk cable operators.
Sygate also do a free firewall that will work on the pc that is sharing out the connection. Most free firewalls won't.
I think Telewest will allow 5 pcs on a home network to connect directly, so you shouldn't need any software. Just plug the modem and each pc into a hub.