One computer on network loses internet

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Is the problem machine using a 64 Bit Op system? If so there is a good chance that your router will need a firmware update to work with Win 7 64 bit. There have been a few reported problems with your model of router and 64bit Op systems. The latest firmware shows some fixes for 64 bit that should help. It might also help to look around for some tested Win 7 drivers for the problem machine.

Linksys by Cisco - WRT54G Support

Already posted the firmware but from the Linksys site.

Sounds like the laptop may have hosed the bios somehow. As a last resort I have seen a cmos clear bring eithernet connections back from the dead on numerous occasions. Just last week in fact. There is usually a pinhole for clearing the cmos on the side of the laptop for this very reason.