IPhone4 and WIFI Access

I understand you can use your iPhone4 to connect your laptop to the internet.....is this true and if so how does it work? My Verizon Access Manager just ask for my cell phone number to do this but don't really understand it.
Thanks

mjpeters01 wrote:
I understand you can use your iPhone4 to connect your laptop to the internet.....is this true and if so how does it work? My Verizon Access Manager just ask for my cell phone number to do this but don't really understand it.
Thanks
Thank you all for the great input!
I have included some additional information regarding the Hotspot feature for the iPhone 4 for your convenience.
The iPhone 4 is capable of acting as a mobile Hotspot to share its data connection with up to five devices at once over Wi-Fi. It can also function as a modem via USB or Bluetooth. This capability is called Personal Hotspot on the device. See pricing below:
$20.00 monthly recurring charge.
2 GB monthly data allowance applies to all data transmitted (on handset and shared devices) while the mobile Hotspot application is active.
$20 / 1 GB Overage Rate.
This is in addition to the iPhone Data Plan.
Detailed set up instructions for the Hotspot on the iPhone 4 can be found at the link below:
http://support.apple.com/kb/HT4517

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