The beta of the LAN version of VBALink is available but i haven't tested it yet. Go to the VBALink website for download and full news. http://vbalink.wz.cz/
Even though I haven't tested this myself I think I may know a way to make it online.
You need to have a router for this. Enable DMZ in your router settings. Then when you host a game ppl will be able to connect to you as if they were on your LAN. I have used it for other applications.