We talked about Connectify a software which used a features which is baked into Windows 7, ability to convert your computer running windows 7 into a  HOTSPOT . Long Zheng @ istartedsomething came with an update which explains that

After downloading and installing the drivers (32-bit here, 64-bit here), assuming your WiFi chipset supports the functionality (which I can verify the 5300 can but 3945 cannot), a new “Wireless Network Connection” with the adapter name “Microsoft Virtual WiFi Miniport” will automatically appear in your network connections.

And that explained me why I was seeing this into my into my list of Network Connection, though in a disconnected state. Not sure if any update or connectify  rolled out this since I have not installed it.

Long Zeng also explains how you can enable that without using Connectify and here is what you need to do.

• Launch the command prompt with administrator privilage.
• Type as below  and you would see the output similar to me.
  C:\Windows\system32>netsh wlan set hostednetwork mode=allow ssid=aryanwin7vwifi
  key=loma#sexy#toma
  The hosted network mode has been set to allow.
  The SSID of the hosted network has been successfully changed.
  The user key passphrase of the hosted network has been successfully changed.

  C:\Windows\system32>netsh wlan start hostednetwork
  The hosted network started.

• Change the bold marked username and password for yourself.
• Now share your active internet connection to this Virtual WIFI.

I did all this and  tested with my BlackBerry WIFI to see if it worked and yes it did. Here are the screenshot.