Pretty much correct.
Linksys WRT54G is a solid performer (Using one right now). If the laptops don't already have wireless, get the Linksys PCCard wireless (WPC54G) card.
You will need an ethernet cable plugged into one laptop to setup the router initially (Linksys supply one with the router), but once wireless is working you have Router connected to NTL Cable Modem and no other wires
Make sure you don't forget about security - WPA encryption is appropriate for home use and pretty easy to set up with the wrt54g.