afaik this will work fine if the cable allows it and the ips are manually set correctly
go to networking, properties, TCP/IP and set to :-
192.168.x.n
where x must be the same for both pcs and n must be different.
Try then. Sorry if im stating the obvious and you have already done this or similar.
(yes, other numbers work, but that suits the defaults for home networking, im being convenient)