Making a blutooth earphone for Arduino.

Hi,
I am trying to make a bluetooth earphone for Arduino Uno.
I interfaced a microSD card module with Arduino where I have kept audio files in wav format.
Now instead of using a normal speaker to get an audio output I want to use a bluetooth speaker.
To do so I want to build a bluetooth earphone. So what kind of hardware do I need?
Is the Bluetooth Module Breakout (HC-05) compatible with Arduino? How to use a compatible module?
What do I have to connect with Arduino and what with earphone?
Besides, what kind of programming do I have to do for the hardware?
Thanks.

Is the Bluetooth Module Breakout (HC-05) compatible with Arduino?

Yes. But it is not compatible with the data transmission mode that handles audio.

Sparkfun do one it is about $35.