Basically if you are going to go with that method you need two seperate NICS in the XP sharing machine. One NIC to the cable modem and one to the switch.
You are talking about using ICS (internet connection sharing) at this point. By setting the Main comp up to use ICS you are telling it to act as a sort of dhcp server.
Then probably you would use the XP cd to run the networking wizard on the other machines to set them up to recieve an IP addy from the XP machine.
Personally though I would just get a cheap router and let the router do the DHCP.
Then it would be Cable Modem to router and then router (with built in switch) to the machines or if you need more expansion just add another switch after the router.
There's a Dlink router at
www.techbargains.com for less than $15 after rebates and they can be had for less than $40 all day every day.
JP