Connectify was the first downloadable application that used the virtual Wifi capabilities of Microsoft’s Windows 7 operating system to turn the computer system into a Wifi hotspot. The developers offered the program as a beta version that could be freely downloaded. Their intention on the other hand was to sell the software program once they managed to compile a retail version of the virtual Wifi software.
Virtual Router is another application released a few days ago as beta that makes use of the virtual Wifi options in Windows 7 and Windows Server 2008 R2. Unlike Connectify though it has been released at Codeplex which suggests that the program will remain free even after it has been released in a final version.

The program’s interface contains only a few options. The Start Virtual Router button being the most important. This button is only active if the computer uses a supported wireless adapter. Other options include changing the network name, password (recommended as the default password is always the same). Virtual Router uses WPA2 Encryption to provide a solid protection for the wireless network.
Virtual Router can be downloaded from the program’s Codeplex page. It is only compatible with Microsoft Windows 7 or Windows Server 2008 R2 and requires a compatible wireless adapter.
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Very handy find, thank you.
For a very comprehensive guide to everything to do with Windows 7 read this post here:
http://ninjarabbits.blogspot.com/2009/11/hopefully-very-comprehensive-guide-to.html
This is some cool software, thanks for sharing. I think that this will be a very successful venture.
hey friends… some how it did not work for me .. i tried virtual wifi router .. its a free portable software , and light weight and very user friendly app .. check this
www.virtualwifirouter.com