Check the IPs allocated to each PC... if they are windows, open a command prompt and use ipconfig.
Check that they all look like they belong (i.e. all of the slaves and the master's connection to the switch have IP addresses in the same subnet). Check that the slaves all use the master as gateway. Check that the master's routing table routes internet traffic to the modem and routes internal traffic back to the slaves.
If the IP addresses have got messed up, set them right.
Then check with ping... make sure you can ping each machine from the others. If you can't your switch has coincidentally failed... or if your PCs have changed IP addresses, check your switch config to make sure it's not configured with a VLAN or otherwise se so it ignores the 'new' IP addresses as not acceptable.
If you think the switch is snafu, try connecting one slave directly to the master with a crossover cable. Itf that fixes it, your switch is to blame.
Your master PC shouldn't care what the ISP's allocated IP address is. It should use DHCP on that port to get one automatically... unless you've got a set IP address. Not sure I understand why you are setting the 'slave' pc addresses rather than using DHCP from the master.
Can you 'surf' from the master still?