Yes, it is possible to use a laptop as a wireless bridge for xbox live.
Xbox Wireless Network Adapter MN740
The adapter connects you to Xbox Live but only if you have a wireless network and if you have a Xbox Live subscription.
It allows you to connect to xbox live on a wireless network
Firstly, make sure you have a wireless router/modem. The Xbox 360 s, the wireless adapter is built in. For the other Xbox's, you need to buy a wireless adapter. After this, you are ready to sign up for Xbox live.
A wireless adapter for your XBOX, a wireless USB adapter for your Laptop, and a wireless router. The two devices will communicate with each other through the router.
Search http://www.youtube.com for xbox without wireless adapter and you will see videos on how to do just that.
I am not going to say it is impossible for a different adapter to work, just unlikely . The Xbox 360 Wireless Network Adapter was made specifically for that purpose, so it is unlikely that a normal adapter will work if attached to the Xbox as they most likely will not be compatible.
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Google the Xbox 360 Wireless Network Adapter.
The Xbox 360 Wireless adapter uses standard 802.11b, 802.11g, and 802.11a connections. If your Mac has an AirPort wireless network card it will be able to connect to the Xbox network.
To hook up an XBox 360, one would need the XBox 360 Wireless Network Adapter. This specific adapter is easy to install, is compatible with Windows Vista Media Center, is compatible with 2.4 Ghz and 5 Ghz wireless networks and allows wireless play on Xbox LIVE.