As others have pointed out the answer is yes. But there are some additional considerations.

If your intent is to only have a home network for the sharing of files or printers, this should work fine. However, if you intend to use this connection to access the internet, you may run into problems. You will need one of your Macs to act as a bridge, to connect your wireless network, to your Internet connection. This means that if you power down the computer used for bridging, then you will loose all Internet access.

You may be better served if you need Internet access to consider a wireless router from various sources, including Apples Airport routers, as well as SMC, LinkSys, D-link, and others.

Tom N.