The short answer is no, the Wireless Media Stick does not support adhoc connections (ie, a direct connection to your laptop, without a router) but there is a solution. There is a software product called Connectify that will allow you to turn your Windows 7 laptop into a wifi hotspot (router). With this software installed on your Windows 7 machine, you can connect the Wireless Media Stick directly to your laptops WiFi card, and then share files off the laptop just as if you had an adhoc connection.
You can download Connectify http://hsti.com/redirect.php?id=connectify.
The PDF instructions for setting up Connectify with a WMS can be viewed http://hsti.com/redirect.php?id=connectify-guide