This is another "HIGH PERFORMANCE DELIVERED" post inspired by Dipender.
To start, pair your bluetooth device with your PC using the usb drivers provided by the device manufacturer. Make sure you also save the help file provided in the manufacturer's CD to your PC as this will be needed later on.
Now follow these steps:
1. Goto START->PROGRAMS->ACCESSORIES->COMMUNICATIONS->HYPER TERMINAL
2. Type any name for your new connection & thin click OK.

3. Ignore the country code & then choose any COM port & click OK.

4. Ignore the COM port properties now & then click on the CALL menu & then DISCONNECT.

5. Now go to FILE menu, then PROPERTIES & then click on CONFIGURE below the COM port in CONNECT TO tab.
6. Now view the help file provided by the manufacturer and enter the settings. Usual settings are:
19200, 8, Even (parity), 1, Hardware (Flow Control). Then click OK.
7. Now on the SETTINGS tab change the emulation to VT100 & click OK.

8. Click the CALL button to complete the set up.
When hyper terminal is connected you can type characters via keyboard and observe the characters being returned by the device.