can we make a cheap alternative to wiimote with a webcam and a IR emmiter for PC controlling?

hey guys, I've been wondering... if the Wiimote is basically an infrared camera with g-sensors and buttons that connects via bluetooth, and reads the IR light from a couple of leds... and knowing that any webcam can be modded to become an IR-only cam.... and that with the use of simple IR leds and a wiimote you can make a smart whiteboard.... would it be possible to somehow develop a way to use a modded IR webcam and a handheld IR emmiter -like a wand- to perform like a mouse-like controller for your PC?

When you can buy a wiimote for as little as you can, with the special blob measuring hardware in the hi-res camera, the BT radio AND the G sensors its not worth the effort to make something less effective.