A free, open source router for PCs running Windows 7 and 8
Virtual Router Manager lets you an create a wireless hotspot. First define the SSID, that's the network name, and create a password. Then click on Start Virtual Router to share the connection with nearby devices. Using the Peers Connected function you can verify which and how many devices are connected to your virtual Wi-Fi network.
Virtual Router Manager is completely devoid of options, but it is efficient and really easy to use, even for complete beginners.