I’ve actually seen a proof of concept of something like this on youtube. Not exactly what you describe, but it involved projecting holographic images from a wearable device. It was a while back and I don’t have a link, but maybe you could find it if you use the right search terms.
Well Samsung had a projector phone not too long ago and some company out there makes a laser projected keyboard, adding a mouse is simple because of blue tooth. All that being said we are far away from mobile devices catching up to x86 in processing power.