Arduino bluetooth capability extents

Hi, I have a small project that I am thinking about doing. I have looked into the Arduino bluetooth board, and have a few questions.

First of all, is it a stand alone? to me it seems it is.

Second, can the arduino run bluetooth profiles, either official ones or custom ones. Can I then use these profiles with devices (phones/computers) to interact with them?

Thanks in advance.

Where is this Arduino bluetooth board you were talking about? Link.

liudr:
Where is this Arduino bluetooth board you were talking about? Link.

http://arduino.cc/en/Main/ArduinoBoardBT?from=Main.ArduinoBoardBluetooth