Hey moosc, not sure about a WIFI Hotspot setup, however, I use an app called PDANET which allows me to use my Droid Eris as a wifi device connected via USB to my laptop, allowing me to access the internet. It's FREE and also doesn't count against your 3G mobile service usage either.
The Wifi hotspot apps require root access (Which your droid X recently got). They are free, but none have been made specifically for the Droid X. You can tryout the experimental ROMs though. Just google search Wifi Teather android and it should be the first link.