So I am purchasing another public ip address from my ISP so I can have two separate networks for gaming consoles, etc. I have a cable modem that only has the internet ethernet port on the back which I plug into one of my routers. What do I need to hook up both of my routers to the cable modem so that I can assign them separate ip addresses? I have read about hubs and switches and wasn't sure which would be the best to use.
You need a network switch. I don't believe hubs are even sold anymore.
Does the switch need a WAN port? I plan to plug two routers into it and assign each router a different public ip address for gaming purposes. To do this can I get by with a "dumb" switch or do I need a "smart" switch?