This is slightly cheeky, but I would like to suggest a more expensive (not very), flexible and future proofing method. I've just finished upgrading two LANs to Broadband, Routing and Switching... with WiFi too and I'm very impressed.
So, if the funds will run to it why not fit a Wireless PCI card in the Desktop and a Wireless PCMCIA card in the laptop and configure them as ad-hoc peers?
The D-Link hardware is about £35 for each from Insight, dabs, etc. About £45 from John Lewis. Netgear, Belkin etc also make suitable items. This mini LAN will run for you at 22mbps. The LAN is extremely simple to set up. And you will have hardware that will have a life and a use for may years.
Needless to say, you retain some flexibility by being able to move around with the laptop.