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Can I buy this unlocked AirCard and put my iPhone 3g sim into it? I want to use it for my macbook pro. Will this also work for edge when I dont have a 3G signal?

AT&T's Data Service Terms And Conditions said:
Furthermore, plans(unless specifically designated for tethering usage) cannot be used for any applications that tether the device (through use of, including without limitation, connection kits, other phone/PDA-to computer accessories, Bluetooth® or any other wireless technology) to Personal Computers (including without limitation, laptops), or other equipment for any purpose.

That means, in general, that data plans which don't include a Tethering option cannot be used to connect a device (such as an AirCard) to a Personal Computer (or laptop), no matter what means is used to connect the device to the Personal Computer (such as an ExpressCard slot).

[edit]
It doesn't necessarily mean that it won't function. In fact, you probably would get a functioning data connection. And yes, it ought to automatically fall back to EDGE (or even GPRS) if necessary.

However, if AT&T detects the fact that data is being used outside of the plan's intended applications, you'd run the risk of having your service terminated and/or being charged AT&T's pay-per-use rate for any such uncovered usage. That rate is currently about $0.0019 per kilobyte.
 
That means, in general, that data plans which don't include a Tethering option cannot be used to connect a device (such as an AirCard) to a Personal Computer (or laptop), no matter what means is used to connect the device to the Personal Computer (such as an ExpressCard slot).

But.....unless you plan on excessive use and get your account red flagged then yes, you can use your 3G sim in the ExpressCard.
 
It should work, but it would just be easier to get PDnet and not have to worry about buying an air card.
True PDANET or any of the other tethering software solutions out there will be cheaper. HOWEVER they have a tendency to drain the iPhone faster then it charges.... So for more then 2-3 hours use the Aircard is a better bet.
 
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