Connecting 360 to the net for less than $150

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I'm planning on getting a 360 soon, and have been trying to work out a way to get it connected to the net. I know there's an official wifi adapter for this purpose, but here in Australia, that costs $150. After spending $300+ on a console, I don't have that kind of money.

A friend of mine suggested that I try connecting it via ethernet cable, as I have a telephone port behind the TV that is convieniently empty, though I believe I'd need a splitter and a router/modem/hub(hubslolol) for that. Which I imagine would also be expensive.

I'd prefer the ethernet method, but has anyone tried this themselves? I have a router that provides the wifi anyway, but its sadly a little far away for me to plug into via cable