The NOOKcolor is sure a focus of the hacking community, and the most recent hack is unlocking the eReader's Bluetooth capabilities. The NOOKcolor's Bluetooth chip is deactivated out of the box, but now thanks to XDA member Occip the chip can now be activated allowing the eReader to connect to other devices.
There are a few drawbacks to the process. First of all the Bluetooth isn't the most stable and does seem to be a bit glitchy. Also you need to be running Android 2.2 instead of the 2.1 that the device ships with. However, with all of these hacks coming, the device is quickly changing from a hardware locked eReader to a decent tablet.