I have an iBall Baton Wireless Router which i use to connect my two PCs to the internet. i get the net from my ISP on IPs 10.8.232.x .. we have specific static IP in this range for the net. My ISP even hosts Servers like DC and Counter-Strike on IPs 172.16.232.x .. My Router can only be set to 1 ip. so when i put 10.8 for my router. i get Internet but cant connect to those Servers and if i put 172.16. then i cant use the net but can connect to those servers. Before having a router i had only 1 PC and Set both the IPs on the NIC and had no problem. My net and LAN come through the same cable. Can i connect the Cable to the LAN port of my Router and then connect another cable from another LAN port of my router to the WAN Port? Is this a good idea or will it damage my router?

What would need to change is a layer beyond you. Your ISP. Ideally they would do the routing/dns from the 10x net to the 172.x net for you. No amount of cabling or your equipment can change that. Your router should have the ability to save and restore system configurations. Make one for games, save it. Make one for 'net, save it. Then when you want to play games you load the game profile. When you want to get on the internet, load that profile. Or get a cisco router and put subinterfaces on the wan port for each subnet and the router will take care of it for you.