Using a CAT 5 cable between 2 PC's can I then switch Data bewtween the machines?
 

I've got a network set up to split the internet using the network set up wizard.

But could I transfer say music files between the 2 as well?

Like seeing the other PC in my windows explorer?

yes, you have a cat5 crossover cable right? yes you are able to transfer data between the 2 computers.

You will need to set static IP addresses and shits like that though.

fucking hell, I did a two year computer networking course that I finished this yera and it appears I have forgotten the basics :$.