I am assuming the OP means an iPod Touch, and I can see where he is going with it... Say you are on an older laptop that doesn't have Wi-Fi tether to a iPT and use the Wi-Fi connection.
When I was playing with the Tethering Hack on my iPhone a while back I tried to use my iPhone's Wi-Fi because I was in a Starbucks, so in my experience... the answer would be no...