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No you won't be able to do your setup because your ISP dishes out ONE IP only. You would be much better (with a lot less headaches) with Modem->Wired router (with four ports for IP sharing and connect the Network hard disk storage)->wired to Airport Express (getting's IP from the wired router).
This is how I run my network to my Time Capsule for Wireless connecting my MacBook Pro.
So for the least amount of headaches get a wired router to connect To your Cable modem. This will make your hassles SO much easier that way. Just remember for full 100 MB local network connections but CAT 5e (100MBs) or 6e cable (1000MBs). Most people never remember that and cheat them selves speed and then wonder why things are slow.
__________________ Mac Pro Dual 2.8 Quad (1st gen), 6G Ram, Two DVD-RW Drives, OS X 10.6.1 Mac Book Pro Core 2 Duo 2.16Ghz, SuperDrive, ATI X1600, 2GB RAM, OS X 10.6.1 2TB Time Capsule 32G iPhone 3GS Black |