Could be, anything is possible, but you have alot more to do then just what you have said above.
First to make a network you will have to put all the computers on the same IP range (Example: 192.168.0.100, 192.168.0.101 and so on)
Then you need to put them on all the same Subnet (Example: 255.255.255.100)
Then go in and put all the computers in the same Workgroup (Any name you want to call your network)
That should get everything connected to the switch networked together
This will not allow you to share your internet connection though. Unfortunatly yo make it hard by connecting to your router using USB instead of ethernet. If it was connected to your computer using ethernet you would only have to bridge the two connections in the computer by right click on it and picking Bridge Connections.
Since you are using a USB connection you will have to use a third party proxy software package to have everyone connect to the internet. I once used one called WinGate. It worked good, but you must always have the main computer connected to the internet and on for it to work.
Just for your info, if you went and purchased a new DSL modem that had an ethernet connection and a router, all would cost about 100.00, you would have such a faster and easier to manage network.
You cant use a switch like that. You need a router....