Streaming audio input to iPhone?

Hi all! Hoping to get some thoughts on how to implement this. I appreciate any and all help!

I have a Baofeng UV-5RE two-way radio. As an output, it has a Kenwood K1 connector for PTT, speaker, microphone, etc.

I want to be able to stream the transmissions that the radio is picking up over Bluetooth to my iPhone, so I can use my iPhone to listen to the transmissions coming in over the radio.

My main goal is to be able to monitor the radio channel I'd like to monitor without having to fumble with the bulky radio and deal with the volume controls on it. I'd rather just be able to stream the audio right to my phone, and listen using standard iPhone headphones while being free to do other things on my phone while monitoring the channel.

I assume that there is a way to connect the UV-5RE to an Arduino using the output from the K1 connector, and then use the Arduino to stream the audio to my iPhone over bluetooth so I can listen to it as if I were using a standard bluetooth headset.

Any advice on how to implement this, what parts I would need, applicable code, etc. would be greatly appreciated! If there may be a better way to do this, let me know!

Try something like one of these http://www.parts-express.com/brand/avantree/616

16 MHz Arduino does not have enough horsepower for more than sampling/storing 1 channel of CD quality audio to an SD card, and external highspeed ADC is needed for that. Stereo, need more faster processing.