Yes you can! You can go 1. On the home screen, press Menu Key >System Settings >Wireless & networks > More > Tethering & portable hotspot and tap the Portable Wi-Fi hotspot check box.
2. Press Configure Wi-Fi hotspot.
3. Change the name of the hotspot and its security setting, if necessary. The default hotspot is set as an open one. You can tap Open and choose WPA/WPA2 PSK to set up a password. The password must have at least 8 characters.
4. Tap Save. Now you can find the hotspot on other devices and connect to it.