Okay I have researched this sort of thing a LOT in the past for similar ideas. To my knowledge there is NO device out there that you can plug a USB device into that wirelessly transmits the signal via BT to BT enabled computer. If your buddy claims to have something I would very very much like to see what it is on here.
Btw, BT is only like 700kbps while USB1.1 is about 1Mbps I think. So there are obvious bandwidth issues. Once BT2 and WirelessUSB become more standard in the coming year, we WILL start seeing devices like this guy is describing. But for now, I'm 90% sure there isn't anything like this on the market. The closest thing I have seen was some sort of wireless printer transmitter where you plug a USB printer into a device that wireless transceives info to/from your computer. I can't remember if it was actually BT or not but it was similar bandwidth. The only reason this application would work is because the bandwidth can be throttled down and your print would just take a bit longer to transmit. You can't throttle a Mouse or something or then you just loose data and your mouse cursor movement will not be accurate.
Anyways, if he has such a device I'd like to see pics or something. Or even just a name.