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I found some software that does just this and a lot more. Unfortunately, it hasn't worked terribly consistently, and the voice quality when using my MacBook Pro as a mic/speaker isn't passable. I really love the ideas presented in the app though and am holding out hope that he continues to develop it.

http://www.sustworks.com/pa_guide/index.html

This is due to the Bluetooth Headset Profile (HSP) using a terrible codec[1]. There's nothing you can do about that.

[1] 64K PCM or CVSD http://www.swedetrack.com/images/bluet03.htm

Tiger had built-in support for that (also for SMS sending) over bluetooth. Worked with my ancient Ericsson T39. Still remember how impressed I was when bought my first MacBook. I have no idea why it's no longer supported, anyone knows?

This is just such a hilariously classic geek forum entry I couldn't resist! Has it all: mystery, hope, humor, wonder, passion, aspiration, disappointment...

A ring notifier would be kind of pointless, unless the call could be routed to an app within OS X in order to be answered.

OS X ring notifier for iPhone?