somewhat. it would take a lot though. I have a Motorola phone which allows me to connect to my computer and use the phone as a wireless modem for 3g at&t. By bridging that connection with your LAN you MIGHT be able to attach a router to your computer and connect your router to the itouch.
Not sure if adhoc connections work on your i phone but if they do then by bridging your phone and wireless network card you should be able to talk to the i phone via your computer which will talk to the phone that talks to the network......
