I'm still trying to figure out which WIFI tether works for the Droid 3.
I've used this on my OG Droid for the longest time. http://code.google.com/p/android-wifi-tether/
There is a wireless tether hack at http://forum.xda-developers.com/show....php?t=1182940. This hack allows you to use the stock Hotspot app to wirelessly tether. If you aren't comfortable hacking your radio than you will have to used the wired tether.
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I did the radio hack and it took only about 5 mins.... very easy to do now I tether my zoom to my d3 all the time
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Droid running Frozen Yogurt 1.6 1200 MHZ Kernel
If you want 'free' wireless tethering, then you must perform the radio hack and be on guard for the Verizon tethering police.
I still don't get why Verizon blocks wifi tethering. With metered data plans wifi tethering should be free, as an allotment of x GBs of data consumed via a computer is the same as x GBs of data being consumed on a phone. With the old unlimited plans its a little harder to justify. I'm surprised Verizon doesn't do something like this just to trick people to cancel their unlimited plans.
You can also use bluetooth tethering pretty easily. If you don't have bluetooth on your computer you can get a small USB adapter for around $10. Windows 7 supprots bluetooth tethering with no additional software needed. From speed tests its get just as fast on my computer as it is on the device.