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...