It may work. You will have to enable "Internet Connection Sharing" on the dialup connection in the Network Connections folder. Right click the entry, select Properties, then the Advanced tab. Tick the box for "Allow other network users to connect through this computer's Internet connection".
In the 'host' computer, go to the Direct Cable Connection entry and in its Properties, select the Networking tab, then the TCP/IP entry, then click the Properties button. Set the IP address to 192.168.0.1 in both the From and To boxes.
In the 'client' computer, set the IP address to 192.168.0.2 and (if requested) the subnet mask to 255.255.255.0
If, in paragraph one above, you don't have the option to enable Internet Connection Sharing, this is because you don't have a network adapter installed and shared internet access isn't going to work.