Yes, this should be possible. Enable "Internet Connection Sharing" on the PC's ethernet connection to the Lan. This will automatically configure the Wireless Network Connection with the IP address 192.168.0.1 and Subnet Mask 255.255.255.0. The "client" device gets its IP address by DHCP from the "host" PC.
One thing though, because "Internet Connection Sharing" uses the 192.168.0.xxx subnet (IP address range), the LAN you have the PC connected to will have to operate in a different subnet, such as 192.168.1.xxx or 192.168.2.xxx