If you have a reasonably new laptop with an Intel WiFi chipset then I have some good news. A set of new Intel WiFi drivers made available just a couple weeks ago, version 13.0.0.107 if you’re playing along, finally adds the necessary driver-level support for the new native Virtual WiFi technology in Windows 7.
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.
Recently, the internet has been abuzz with a new software called Connectify which interacts with this Windows 7 Virtual WiFi technology, but it appears their intention is to sell this application once its finalized. Personally I find it ludicrous that someone would charge for what is essential a wrapper to some functionality already baked into Windows.