Connecting to both wireless and wired internet at the same time

yes. they are two different network controllers, one will connect to the wired network and the wirless to the ssid you select which would could or may not be part of the same network your are hard wired to.  hope this helps.

Thanks for your comment! I understand that I can physically connect through both connections, however lets say I have some input (Ethernet cable) coming though a fancy MITEL phone which is feeding information to my laptop. The MITEL phone is receiving an input from my network via Ethernet. Due to the connection running through the phone my internet speed is hindered greatly. I would like to maintain a connection via wireless while I'm connect to my MITEL phone and surf the internet unencumbered though my wireless connection. Is there a software or something that would allow me to do this?

so you want to have the wired bandwidth dedicated to the mitel while using the full bandwidth capacity from your wireless, correct?

Yes, that is correct.

Thanks for your help! We just might give this a shot, thanks again.