Can it learn the Nyko Bluwave commands? Or should i get the schmarts dongle....? If i get the schmartz dongle, where would i find the PS2 IR code?

Someone help please...:)

Can it learn the Nyko Bluwave commands?

Yes, it comes with an IR remote that you could learn from.

Or should i get the schmarts dongle....?

That is up to you. There are other options such as the ir2bt.com and a couple more newer ones. I've got the ir2bt and it works great. The difference of those devices compared to the Nyko is that it includes power on and off as, PS home button support, and other missing commands such as the color buttons. The Nyko requires you to use the OSD (triangle menu) to access most of the commands while watching a movie where the other devices allow direct access.

If i get the schmartz dongle, where would i find the PS2 IR code?

The codes are simply PS2 codes that should already be in the URC database. It shouldn't be hard to come by. There are four unused buttons that have been remapped to the color keys (repeat, shuffle,... mapped to red, blue, green, yellow). You can check a cross reference table for the exact mapping on whichever device you end up with.