How would you go about splitting bandwidth between two computers? Is it possible to separate activity between the 2 completely so that say if one computer is torrenting it would not affect the other at all? Or does this require a second ip address for a complete split? Pretty much a noob at this stuff if you couldn't tell already.

Basically it will fail random packets allowing it.... and as most applications do NOT use the IP header to properly prioritize the traffic, it is painfull.