Apparently, Windows 7 is capable of creating a virtual wireless adapter, by using your existing wireless adapter. In much the same way you can use Windows 7 to host a virtual PC, you can now use your wireless adapter to create a virtual wireless network, which saves on hardware costs.
It can be useful for creating an ad hoc wireless network as this article suggests: Windows 7 adds native Virtual WiFi technology from Microsoft Research – istartedsomething
The bottom line is that you don't have to worry about it as it's doing no harm. If it bothers you, you should be able to disable it.