Virtual Router is a free, open source software based router for PCs running Windows 8, Windows 7 or Windows Server 2008 R2. Using Virtual Router, users can wirelessly share any internet connection (Wifi, LAN, Cable Modem, Dial-up, Cellular, etc.) with any Wifi device (Laptop, Smart Phone, iPod Touch, iPhone, Android Phone, Zune, Netbook, wireless printer, etc.) These devices connect to Virtual Router just like any other access point, and the connection is completely secured using WPA2 (the most secure wireless encryption.)
Unlike similar applications, Virtual Router is not only completely Free, but will not annoy you with any advertisements. Also, since Virtual Router is not ad-supported, it does not track your web traffic the way other ad-supported applications do/can.
The Wireless Network create/shared with Virtual Router uses WPA2 Encryption, and there is not way to turn off that encryption. This is actually a feature of the Wireless Hosted Network API's built into Windows 7 and 2008 R2 to ensure the best security possible.
You can give your "virtual" wireless network any name you want, and also set the password to anything. Just make sure the password is at least 8 characters.