Alex Yakhnin pointed out this interesting article over on CodeProject showing how to use Bluetooth from within the Windows Mobile emulator:-
http://blogs.msdn.com/priozersk/archive/2009/04/09/bluetooth-on-the-emulator.aspx
Unfortunately it does require you to replace the stack on your host machine with FreeBT which is currently in Alpha so have a look through the Troubleshooting section for known issues first. I know lots of people have requested this for when they don't have access to a real device so it may be useful for demonstrating applications or debugging even...
Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.