Last night, being incessantly bothered by a wrong number caller speaking a foreign language, I started searching for an app to play an audio file (with "Wong Number" in lots of languages) into a phone connection, and found lots of notes stating that it is impossible due to the way the hardware works (as well as the reverse - recording the phone conversation).
"Impossible" always makes me wonder how to do something, so I started thinking: If you had a rooted phone, and could replace the kernel, could you (in theory) create a kernel driver for a virtual bluetooth headset, and play an audio file into a phone conversation by playing it through a virtual bluetooth connection?
Like I said, just a theoretical question - I have no such plans, but I am curious.