Yes, that will work. The 2nd USB connector is just for power. That's because some older USB ports will detect a power overload if the drive tries to pull all its power from a single port. To workaround that they the Y cable can be used to pull power from 2 ports. Non-anceint USB ports, like 2.0 or 3.0 or from a powered hub will probably work fine if you just plug in the one end of the cable. Try it with just one. If it works, you're good. If it doesn't, the computer will tell you "power overload detected" and the drive won't work, but no damage will be done.
actually the DVD works very well now with the netbook I have. I should update my last comments..soon - the window XP model was from a few years back 1005HA. But I don't see why this hardward is not working with the new one. There is a support number sticker on the netbook bottom. You can call just double check and will send if you don't have it.