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For most home uses Cat5e Networking cable only uses pairs 1,2 and 3,6. This leaves pairs 4,5 and 7,8 redundant. A cat5e splitter takes pairs 4,5 and 7,8 and wires them to pairs 1,2 and 3,6 on a second plug. For this to be of any use you must use a splitter at either end of the cable being split, so you would still need two ports on your router for two devices, but would only need one cable.
Unfortunately doing this increases noise on the cable, reducing signal quality, and so reducing the distance you can get a reliable signal along the cable. Also specialist connections need the extra pairs, like PoE for example. Also Gigabit connections unlike 100Mb and 10Mb connections use all four pairs, and so will fall back to the slower 100Mb speed on a split cable.
As has been suggested already in this thread a more reliable solution would be to use a network switch at the other end of the single cable to your router. This will avoid the problems associated with using a cable splitter.
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