I know I might be a bit behind (2 years or so) Johnny Lee's idea, but I just found out about it over April vacation and was able to get the wiimote project up and running in my classroom this week. Here is Lee's presentation for TED Talks that inspired me to complete the project.
With a bit of internet research (wiimote project, Johnny Lee, wii smartboard) you can easily find out everything you need to know about creating a wii smartboard for a fraction of the cost...I did it for a little over $70)
Here is a short video of how to set up this application in your classroom.
And here is an idea of how the wiimote smartboard can be used in the classroom.
Also, here are a few resources to get you started:
Creator Johnny Lee's Website ( Go here to get his free wiimote whiteboard program )
Ken Moore's youtube video I used to created an infrared pen
Smoothboard.net ( Another free program, more features than Lee's program )