Can I tether with an iPhone 4s and a Windows 7 laptop?

Is there more to this than just turning on the hotspot and connecting the two together via cable?

No, if the Hotspot is avaiable on the Phone then your provider is allowing it, and no extra service is necessarry.
Once the Hotspot is on, all you need to do is connect your Phone to your computer. Make sure you have iTunes installed on the computer you wish to tether as it provides the drivers for the USB connection.
The Phone should appear as a new network connection for your computer to use.

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