Live chat between 2 PC's using Plugable USB 2.0 cable

Can we use Plugable USB 2.0 transfer cable on 2 Win7 PC’s and have software on both sides to actively handle data transfer back and forth, as in a chat?

Nope, sorry! Windows’ built-in software is focused on automatic migration of user accounts and all user data – there is no add on software that would help with chat applications running across the cable. It isn’t possible. Thanks for asking, though!