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What you describing is a managed router. Way easier if you are just managing two ports, both wired, or at least one wired, but tougher if you are both wireless. If both wireless you'd have to lock/limit by MAC address. |
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If you are wired and they are wireless, just drop the wireless comm speed down to the minimum which is probably 1M, if you have a 1.5M DSL, that would at least reserve a third for you. |
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Funnily enough (without being comical) I'm working on a project to build a router that clamps down on bandwidth of a network game - for teaching purposes. |
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You basically need a router that clamps down bandwidth on particular ports from particular IP addresses. |
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You might be able to tweak a BT Home Hub to do this (yes, they're rubbish, I know). |
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BT are launching OpenWiFi - a wifi sharing scheme - you need a BT Home Hub to join and it will allow other members to use any unused bandwidth on your line, while giving you priority and security. Of course you can hijack other people's unused bandwidth as well. Quite a good idea really. |
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What you want is a router with software that supports "Quality of Service" (QoS) allocations. Many of the commercial ones do not, but in some cases you can load an open source replacement onto the router that does. See my link for one such replacement's approach to QoS. |
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