Two wirelss routers on the same netwrok working at the same time?

Hello Everyone, I am a newbie to wireless networking. I have Verizon Fios and with it I have its wireless router. I am trying to watch my videos on my PS3 game console using Netgear Stora as my media player. The verizon router is slow and I would like to replace it but without it many of the Fios features to do operate properly. I want to put my Netgear Stora and PS3 on a separate wirelss network using a Netgear dual band wireless router. I am currently using windows 7. Is it possible to have two wireless routers connected to Fios and use one router for computing and the other for gaming or watching videos. Any thoughts and comments or am I just stuck with the Fios router?

I can't talk directly about FiOS but two (or more) routers can co-exist on a single sub-net. However, one is set as 'gateway' and the rest are set as 'router'.

Set your Verizon router to bridge mode and use your own wireless router behind it.