Designating Bandwidth

Hey Guys,
I am currently sharing a 16meg down/2 meg up connection with two other roommates. We were on an 8 meg service but after some having issues with lag (we're all gamers... and we stream movies with netflix) we decided to move up.

The problem is we still have issues.

When Im at my parents house, I can use a 5 meg connection to handle any game I want to play, or stream a movie fine, so my technologically challenged mind dictates that if I triple that speed, the 3 of us can all do our thing at the same time.

So far thats not the case... I can download a file at almost 2 mb/s or I can share the connection and we can both download 1 mb/s and so on, but if someones streaming a movie, your standard FPS becomes unplayable, because the movie wants all the bandwidth i suppose.

Well my question is: Is there any way to throttle the bandwidth so that we each get a third of the connection? Can I allocate 5 megs to 1 pc, 5 to the other and 6 to the third? because getting the same results regardless of an 8 or16 meg connection seems silly.

Thanks for the input