I'm assuming you're using a USB modem, and have the laptops connected by wireless or a wired network.
You'd need to have the USB modem drivers installed on both laptops, and have the internet connection settings (i.e. username and password) the same on both laptops.
You'd then need to connect the modem into whichever laptop is switched on.
Setting up ICS on both laptops (allowing each one to share it's internet connection with others) will allow either one to connect via the other.
It's all a little fiddly, and ICS isn't the best way to have internet on more than one PC, which is why many people are changing over to ADSL wireless modem/routers.
Why not invest in a wireless ADSL modem/router (such as the Netgear DG834G, GT or PN, or Speedtouch 585, etc.) these can be bought for as little as
Ade
Giving UKFSN/Entanet a try
DL Sync 4600+ (now 2464 and screwed up by pointless 15db SNR target)
UL Sync 448