How to use my 3G connection on my iPhone 4S as a Wi-Fi hotspot?

I know i can buy and extra data plan through verizon but i already pay for unlimited 3G and i wondering if there was a way to turn thAt 3G signal into Wi-Fi for free.

Ok, go into settings and click on personal hotspot. Put the switch onto 'on'. Where it says password change it to whatever you want, that's the password people have to type when they try to connect to your Wi-Fi.

Yea you have to wait for the jailbreak though unless your running iOS 5.1.1 or before, then you can use redsn0w.