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Yes with Android you can easily turn on mobile hotspot and tethering using any of several apps from the market.
It's also simple to root this phone IF you do so before the system updates. I'm assuming that out of the box it won't have the latest updates. Once rooted, you can easily replace the whole OS with cyanogenmod or similar. I run a third party mod that's just a slightly tweaked version of the factory ROM, which mostly just saves a few MB of internal memory.
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