Wireless Music transmission

Is it possible to use arduino to capture the music on PC or any other music device (through its 3.5 mm audio output) and transmit it wirelessly to my headphone, I mean to some small wifi device with 3.5 mm jack where I can plug my headphones ?

why not to buy wireless headphones?

In theory you could - but it would likely be monophonic only, and very poor quality (maybe telephone quality?)...

If you've got a set of headphones with a build-in FM radio you could use a FM transmitter such as NS73M

Sparkfun have a board for them

http://www.sparkfun.com/products/8482