|Is there anyway i can connect the two laptops together, maybe using an ethernet cable so that the internet comes into my wifi enabled laptop and the out again to my other laptop using the ethernet cable??|
Yes you could do this. It would require connecting the two laptops with a crossover cable. Once you have it connected, enable ICS (internet connection sharing) on the wireless NIC of the one laptop.
You'll want to read up on ICS in the windows help files (or just google it) before you start.