I have a program that has a few edittext boxes. Is there a way through bluetooth or wi-fi to allow two users to connect their devices to each other and when user1 types in their edittext, it updates on user2's edittext and visa-versa?
This is not a simple task, but here are some great places to start
the second one is especially interesting because it show how to connect with and do network communication over Bluetooth between two devices.
You will be able to achieve this using the Basic4Android Serial library
What you can do is use a BluetoothAdmin object to find another device name and MAC address. While the other device is listening, you can use the connect function to connect the two devices.
You can find out more here