I have a mobile broadband connection (Verizon) on my notebook. I am
running Windows 7 Premium (32bit). I would like to connect to the
internet using the broadband card and then use the wifi connection in
the notebook to create a hotspot so I can connect with my iPad and
share the broadband connection.
I have set up the adhoc connection and I can get the iPad to see the
connection. (having some problems with the password) but on the
Windows side, it just says waiting for connection.
I know this can be done. It must be some security setting some place.
Any ideas greatly appreciated

download the program called connectify.
Connectify - Turn your Windows 7 laptop into a Wi-Fi Hotspot