In some limited ways yes, but likely not in the way you are hoping to.
If you have a 3G connection, MyWi will create a hotspot for your other devices or a client ondemand connection if you have MyWi OnDemand.
If you do not have a 3G connection, you can bridge an internet WiFi connection to other devices. Please do not confuse this with magically creating an internet connection. It won't. :)