lightcloud :
Try this:
http://www.tomshardware.com/faq/id-1879130/turn-wifi-hotspot.html
Not possible by this method. It will create ad hoc network that android doesn't allow user to connect.
Just download and install app "connectify" on your PC and create a hotspot. Afterwards connect via WiFi from your phone.
Link to connectify:
http://www.connectify.me/download/