Ubuntu Networking :: Make A Wireless AP And Share Wireless Internet With It?

I have a Dell Studio 1558 with a Broadcom wireless adapter. It's a brilliant piece of hardware and love everything about it except some of it's overheating problems. When I first bought it with Windows 7 pre-installed, it had an application installed on it called PeerNet, which creates a wireless network for other computers (and wifi-enabled phones) to connect to it. Simultaneously, you could also share your internet connection with these users. The internet connection could be either wired or wireless.

My question is, how do I go about finding the same functionality on Ubuntu since I know my hardware is capable of it. (I believe in Windows 7, it creates a virtual adapter that it uses) I know there are ways to share a WIRED internet connections with some help with the terminal, but I haven't found a way to share a WIRELESS internet connection. The network manager allows you to create a wireless network but I'm unable to connect to another wireless network at the same time.

The reason I mentioned mobile phones is because my mobile (Android 2.2) is unable to find a wireless network created by the network manager, but another laptop is (without internet access that is). I've noticed that mobile devices and iPod's aren't able to find ad-hoc networks on Windows PCs as well.

I hope someone out there will be able to find a solution for me (and surely others as well!) Maybe the final release of 11.04 will help out later if nothing turns up now.