Create a T9 keyboard
CJam, 109 94 bytes (2nd bonus)
A very naive and long solution
q'#/);{__'*-:A-,_g{){;}*A_}*;'0/{_,g{)~&quot;.?~1&quot;a'[,65&gt;292994 5b{/(X):X+\s}%+1:Xm&gt;=\,=}*}%S*1/~}%

This is a full program, although a function will be of the same length.
The input goes into STDIN
Example:
8#99999#055#33#999#***22#666#2#777#3#

Output:
T9 BOARD

Try it online here