Is there a way to record USB traffic and then emulate said USB device?

We do a lot of hardware development, and usually do not have all the pieces together at the same time. In the ultimate world we would like to be able to 'sniff' or record all usb traffic when our device is plugged in - and then emulate the hardware through software so that when we don't have the hardware we can still develop software that interfaces with it.

is there anything out there that does something like this? Price is not a conce

- - , .