I want to be able to plug in a device into my laptops ethernet port and have all the request sent out through the wireless connection. Is this possible? Ideally, the wireless connection should give the device that is plugged into the wired connection a new IP address. I am using Windows 7, but general information about how this could be done would also be useful.
You should be able to do this by bridging the two devices in Windows 7.
This page explains how to do this.
In it's current state your question doesn't make much sense, could you give us an example of a device you want to plug into your laptop's Ethernet port? Something like an XBox 360?
As the tag on the question says Windows 7, have a look at Internet Connection Sharing and see if this helps.