Using Android as a tethered USB gateway works fine in W7 but other devices (VirtualBox and Netbook via wireless hub) cannot acess the internet.
Can this be done and how?
Once you have your phone tethering connected with your laptop via USB cable, you can download an application called Connectify to make your laptop an Access Point broadcasting with your Wireless NIC. To do this on a desktop PC you need a wireless NIC on it.
Once you have your Connectify properly configured you can access the Internet from other computer and devices via Wireless connection.
Why not just use Wireless Tether?
Start tethering. W7 has wifi access and shares access with VM. Then Netbook also has wifi access.