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There is a Wifi Tether app that allows the phone to tether but I am not sure if it supports multiple clients or if will route traffic between clients - although for what you want, you could make the phone a central FTP server and share that way.

But, for filesharing using it as a USB storage device is probably faster.

Using it as a router/AP switch (even for a LAN) is tough as the phones WiFi drivers generally don't support infrastructure mode.
 
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