Sniffing USB devices and PCs using Raspberry Pi and Arduino ??

Is it possible to sniff and inject between a USB device and a Windows PC using Raspberry Pi and Arduino?

For example, is it possible to capture URB packet data between Windows PC and USB device like HTTP Proxy and to modulate specific data?

[USB device]
↕
[Arduino] ↔ [Raspberry Pi URB packet sniff and inject]
↕
[Windows PC]

I think it should be structured to transfer input from Arduino to Raspberry Pi and serial data from Raspberry Pi to Arduino output.

Yes.