You can do a lot of things with Bridge but neither does everything that the other does.
You cannot really edit photos with Bridge, though you can do simple things like rotating the image and editing extra file information, such as copyright, on a number of photos at a time.
You can somehow create collections to organise your photos but I'm not sure how and that would be the closest thing to what you seem to want.
Also, since Bridge is supposed to work over multiple applications, you can assign file associations to various applications, including those not from Adobe. You can select an external editor with iPhoto but it doesn't look at folders, only the various shoots in your library.
Since Bridge comes with Adobe products, including Photoshop Elements, it'll help you open the file in those applications easily. However, because it's a separate application, it does require some system overhead and take some extra time.