Absolutely! It does involve some extra steps, like going into your network cards screen of the wifi configuration settings and setting up a new network (SSID name, set to ad-hoc) and giving it the 192.168.2.1 IP address from ICS Control.
Select Cellular Line for public IP in ICS Control, and TNETW12511 fpr private.
Check the boxes for SET PRIVATE IP, and AUTO CONNECT TO NETWORK.
With wifi on and set up with the SSID name you gave it, along with that 192.168.2.1 IP, start ICS with the above settings and it should be visible on your laptops wifi networks scree as an ad-hoc (computer to computer) network. Hopefully I didn't miss a step, but here is the full forum from XDA where people have used several differnt configs...
http://forum.xda-developers.com/showthread.php?t=377047