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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...
 
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