Beginning with the iOS 4.3 update, the iPhone allows you to create a Wi-Fi hotspot using your cellular data connection. The Personal Hotspot feature allows you to share your Internet connection with up to six additional Wi-Fi-enabled devices. You can create a new Wi-Fi hotspot directly from your iPhone's Settings menu.
Tap the "Settings" icon on your iPhone.
Select the "Cellular" option.
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Turn on "Cellular Data" if it isn't on already.
Tap the "Settings" back button and then select the "Personal Hotspot" option.
Tap the "Wi-Fi Password" button if you want to change the current password. This is the password that other Wi-Fi devices will have to enter to connect to your iPhone's hotspot. You have now set up a Wi-Fi hotspot on your iPhone.