Setup a simple 2 computer Peer to Peer Network without
using a Hub.
First off, you have a few of decisions to make, what speed network
you want 10Mbps or 100Mbps, which network interface cards to use PCI
vs.ISA, and twisted pair or coax cables. Another one that I have to
finish...! Beam me up Scotty
I'm shifting gears... Lets forget about all the different options
right now and focus on the details of my own setup using 3Com 10/100TX
Fast Ethernet network interface cards (NIC's).
For two computers you do not need a hub, all you need is an ethernet
crossover cable. Refer to the DIY
Crossover how-to on how to make your own.
Start by going to Control panel, open the Network Icon and click on
the Identification tab.

Click on Access Control tab, enable Share-level access control

Next click the Configuration tab and you should see the following.
Client for Microsoft Networks, if Client for NetWare is there also
you can highlight it and click the remove button, it is not needed.
The picture below shows a 3Com NIC you will see the name for
whatever NIC you have. If there is no entry for you NIC then you have
to trouble shoot the NIC installation.
I always install both NetBEUI and IPX/SPX on a fresh install, then
once everything is working you can delete whichever protocol you don't
use. However, if you are going to play IPX games then you may as well
leave both because to share files you need NetBEUI and for games you
will need IPX.
The screen below is part one of two.

Part two.

If anything is missing click the add button and add the appropriate
protocol. When you add a protocol the network card will automatically
create corresponding entries for itself.
Now highlight TCP/IP for your NIC like in the picture below - then
click the properties button.

Select specify an IP address and enter the numbers exactly as they
appear below.

On the second and third machines use the same numbers except
increment the last digit for each machine. Example the second machine
would be 192.168.0.2 and a third machine would be 192.168.0.3
The subnet Mask stays the same for all machines and in this example
we are using 255.255.255.0
Next click on DNS Configuration and Enable DNS
For Host enter the name you gave this machine in the first step
under the Identification tab. On the other machines use the unique
name given to each machine from step one
Enter 192.168.0.1 into the field with the dots and click the add
button. Use this same number for all machines in the network.

OK, you made it this far now open a DOS-Prompt window on the computer
192.168.0.1 and type ping 192.168.0.2 and you should see data returned
showing the ping time between the two computers. If you receive an
error you need to go back and check all of the settings.