The tethering is carried out in this manner:
- Configure an ad-hoc wireless network on your Mac.
- Connect iPhone to the network.
- Tweak specific network and proxy settings and start the app.
- Tap a coded sequence of flashlight colors.
The app supports iPhone 4(iOS 4) only.
Update: The app has been removed from the app store:(
Update2: Check out the TetherMe App to tether your iPhone.