Yes!It should tell you in the manual on your phone how to do it.
http://www.ehow.com/how_7275641_send-receive-sms-bluetooth.html

Thanks for the link.

For anyone interested in doing something like this. I used a Samsung Evergreen via bluetooth but it would work via usb as well. I could make and recieve calls using Windows 7 but the link above mentions that texting can be started by clicking on a contact. With my setup this did not work. Samsumg for older phones provides software that allows your phone to nicely connect to your computer. It's called PC studio and can be found on the Samsung website.