My wife just bought a Nook Color and she has the Droid. The phone is not rooted. How can we tether the Nook through the Droid for 3G access (mobile hotspot) when on the road in the car? (I have the Droid X. Is that phone capable of doing this if the original Droid is not?)

Can you set-up the Droid/Droid X as a mobile hotspot?

Yes, we are on Verizon.