Looks like after Connectify, Windows 7 is going to get boost for its “no GUI available” Virtual Wifi. Below is a list of software that will help you enable Virtual Wifi on your Windows 7 or Windows 2008 or above machines. If this does not work you can also be manually configure virtual WIFI.
This is another software on the block which creates a simple and similar GUI like Connectify but with added advantage of being free. Idea is same, select your network id, password and connection which has ICS enabled i.e. Allow it to have internet connection available to others.
This installation is simple and very similar to what the above software provides. You can give your hotspot a name and protect it with a password of your choice. Apart from this you also get to see if the tool is turned on and internet connection is on or not.
Video Demo of Marify
Seeing this I wont be surprised many other softwares rolling in their own exclusive software using this feature.