Do you remember where/how the device was connected to the PC. I had seen a circuit through which we can send key strokes to a PC through a IR remote. May be that ckt can be tweaked to support this.I still have the circuit diagram i think. It requires a ATMEL AVR Microcontroller.
Try to find out the pinnacel product .
BTW abhinavrakesh, im a Medical Electronics graduate

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EDIT: Guys i was going through the ACPI specs to findout how this can be done and daam!!! there is a hell lot of job to do to make this thing work. phew.....