How to Quickly Share Wi-Fi From Your Laptop With Virtual Access Point

Create a virtual access point:

On Windows 7:
Open Control Panel—>Network and Internet—>Intel(R) My WiFi Technology

Click on Enable button.

That's it! The virtual access point has been created.
You may rename it for ease of identification.

Share the internet connection:
To share the internet connection to the newly created access point:
On Windows 7:
Open Control Panel—>Network and Internet—>Network and Sharing Center —> Change Adapter Settings.

Go to Properties for the Wireless Network

Check both the check boxes as shown below.

Your internet connection will be shared instantly.