Can I record from output devices?

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I have a bluetooth phone that i can attach to my computer.

 

When it is connected, i shows up as bluetooth audio device (like a sound card)

 

I want to be able to talk into my computer mic and have it sent down the phone line, and also hear the conversation on my speakers.

 

What i want to do is record both sides of the conversation.. it doesnt have to be in one file, i can mix it later.

 

the problem i have is that i dont seem to be able to record from an output device. (like wave out, but the blluetooth doesnt seem to go out the wave out on the regular sound card.