1. Download the Android Wifi Tether app at http://code.google.com/p/android-wifi-tether/
2. Download the Universal Androot Roots at http://blog.23corner.com/tag/universalandroot/
or http://forum.xda-developers.com/showthread.php?t=747598 ( for rooting the android)
3. Install Universal Androot Roots
4. Root the Android Phone
5. Install Android Wifi Tether
6. Run Android Wifi Tether
7. Click menu and change Setting – Change Passphrase and SSID.
8. Tap Screen to make the android phone as Wifi Access Point