mobile hotspot for internet connection on ps3

You could, but it will eat up a lot of data, if you are streaming movies or chatting while playing a game.

You can reset it back to factory settings.

Here is the instructions to do a hard/factory reset:

Hard Reset procedure for the PS3 (as instructed by Sony CS).

Be sure to backup your settings/games saves by doing a System > Backup on your PS3 or you may lose your game saves! Also, this is a last resort procedure prior to exchanging/returning to sony.

1. Power Off the PS3 via the power switch in back and power back on w/switch.

2. Hold Power Button on the Front until you hear 3 beeps.

3. Then go through the initial setup and then run a full Format via System > Format. (will take approx 3 1/1 hours). You may need to have our AV cables ready if your using HDMI (in case HDMI isn’t detected after initial reset).

Technically, yes. However that depends on a lot of factors. Are you on 4g? If so, you shouldn't have too many problems. If you are on 3g, you will run into a lot of problems. The main problems being latency (high ping) and unstable speeds. And if you are on Sprint, you can forget about it, you can't do anything with dial-up modem speeds.