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I have a rooted Evo 4G with Wireless Tether app. It works as a wifi router. Guess it depends on your phone's capabilities. I've used my phone as a router for NC, Galaxy Tab, and anything else that needs wifi. Phone has to be rooted.
Evo has a built in wifi router, but it's $30 a month (at least it used to be - never used it).
Also depends on your data plan. Sprint still has unlimited, but I think most everyone else has limits.
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