You cannot use ICS (Interent Connection Sharing) with a router unless you turn off DHCP because ICS controls the DHCP. I have bridged dozens of 3/4G hot spots through Windows 7, and I really don't see why your cell phone should be any more difficult.
I'm aware that Netgear does not support mobile hot spots (or at least they say that and I have not spent any time testing that idea), but there are now a number of specialized routers for sharing USB hot spots. And better routers, like ASUS allow a direct USB connection for a tethered phone or hot spot like
THIS.