Greg,
Not sure if I am right but I think the answer is yes.
I have setup small LANS of 10 PC's and with only 1 Analogue
modem which I setup for email.
I came in to the office the next day and to my amazement
two users where surfing the web. IE had autodetected the proxy
server settings and asked for IP. SME did NAT automagically !!!
I wasnt even aware that SME did NAT let alone do such a good
job of it !!!!
Graham