blued thrashing
Sounds similar to what I was experiencing.
I have subsequently enabled bluetooth, to use the spiffy new mouse, and have not had a repeat problem.
For me, it has only happened after running iStumbler (which has bluetooth support), and with bluetooth disabled.
You can see if you have the same issue as me by attaching gdb to a run-away blued. It is difficult when it is thrashing, you need to have a terminal window all ready to go, visible on the screen, with a root shell prompt, and then determine the pid of blued (lets call it PID), kick off gdb (gdb /usr/sbin/blued), and attach to the blued process (attach PID).
The stack will be huge, and a back trace will look more or less the same.