This can work with MAC address translation (NAT, but on a lower level) and connection tracking. Not exactly a great solution. Alternatively, you can have one as

This can work with MAC address translation (NAT, but on a lower level) and connection tracking. Not exactly a great solution. Alternatively, you can have one association with the access point per device, which is what some off-the-shelf repeaters do. Drivers often limit these to very low numbers. This wasn't possible in the past either. There's WDS (4-address mode) and some drivers that did what I describe above under the hood. That's it.