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I had this problem as well, but with a Treo 700wx on a different laptop than mine. When the Treo was connected it did exactly what you described and all devices on the network became unusable. In my case I had WPA turned on for the wireless connection, and I read this appears to cause the problem.
The two ways around the problem is to use a wired Ethernet connection or in my case I had WPA and completely turned encryption off and this solved the problem as well. You might even try just going to WEP.
It's such a weird problem, because I have an almost identical HP notebook running the same version of Activesync 4.5 and have no problems. I even downgraded the problem system to 4.1, but still had the same issue.
Good luck.
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