yes it is possible, but no one has done it and published the results... let us know when you get it working! The answers are all in the BlueGiga iWrap manual at this link: http://www.bluegiga.com/default.asp?file=210
Have a look in particular at page 139.
If I were to do this, I'd try the following steps:
get two Arduino NG's talking back and forth at 115200 over their serial ports, each with a switch and LED, so that the ArduinoA switch activates ArduinoB LED and vice-versa;
then configure the BT modules to talk to each other (this is the hard part)
integrate the code from #1
Make a wiki in the Playground to show us all how you did it :)
One of the designers of the module, Massimo, might have better suggestions!
PS: in the process of making them talk, you'll have to configure the BlueGiga module differently than it is configured now. This means it is highly likely that you'll lose the current configuration, and you won't be able to program it over the BT connection!
In this case you will need to have an AVRISP MKII programmer or similar, to program the Atmega168, which in turn will configure the BlueGiga module when it boots up. Easy huh?