you're about on the money....
if you run your router devices in client mode they will take a wifi signal and turn it into an ethernet cat-5 style network. not all routers have this ability and only provide a single ethernet in which then gets shared across the rest of the ethernet ports and the wifi network they create.
Some of the belkin and netgear range extenders also offer this feature, you can use one to make a wifi hotspot to tie into an ethernet network or you can use it to make an ethernet connection to a wifi network.
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