Yes, you'd want to use the USB gadget drivers. From my notes:
Ethernet bridge over USB
• first, load the ethernet gadget driver if needed (or build it into your kernel):
# insmod /lib/modules/2.6.30-ts-armv5l/kernel/drivers/usb/gadget/g_ether.ko
• assign the new usb0 driver an ip:
# ifconfig usb0 192.168.1.1
• plug in the device port to a PC, it should detect the connection
• if the PC asks for drivers, point it to the linux.inf file (located in LINUX source /Documentation/usb) using the have disk method (see
http://docwiki.gumstix.org/Windows_XP_usbnet). This is for XP, not sure on others.
• setup the new USB network on the PC with a fixed IP in the same subnet, ie: 192.168.1.10 (must be a different subnet than the Ethernet ports)
Also see:
http://www.linux-usb.org/usbnet/--
Al