How to turn an iphone into a bluetooth gaming headset?

I want to turn my iphone and basic headphones into a wireless gaming headset for Xbox 360. I don't want to use $60 on fancy turtle beaches.

The Xbox 360 does not support or use bluetooth. All wireless communications are over RF (excluding the IR remote).

You would need to design a customized receiver that could emulate a supported headset. This will end up costing you more than a normal wireless headset and would take more than a trivial amount of development.

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