I've used Wifi Tether and surfed on the phone while my wife uses her laptop through wifi (or at least did on my Droid X on 3G). But if you're talking about creating a hotspot, then connecting to it from the same phone, then no, and why would you anyways, unless you're looking to do some backwards method of filesharing or something?
Try FoxFi... someone here turned me onto that app and it's far better, faster and easier than WifiTether. https://play.google.com/store/apps/details?id=com.foxfi&hl=en I get faster transmission rates with FoxFi than I did with WT, which is odd, but whatever works best, ya know?
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