...and, possibly BPD

Your concern for your friend's well-being is noble and valuable because she is going to NEED friends, at some point.  This guy fits the profile of NPD, but it sounds as if there may also be hints of borderline personality disorder.  Whatever he is, he's bad news and will leave this friend of yours in emotional (at the very least) tatters, and she is going to need support when the shit hits the proverbial fan.  Right now, saying anything, suggesting anything, and enlisting Captain Obvious to demonstrate what's actually happening is NOT going to make one bit of difference to your friend - it will only broaden the chasm between you and (this guy hopes) possibly end your friendship.  Your friend has been made to feel that she has found the catch of the millenium.  Her past issues, and the fact that she probably wears these issues openly, were a beacon for this guy - she appears vulnerable, she says she is vulnerable, and she's a perfect candidate for his games.  Nothing you can do or say is going to stop this train wreck from happening, so keep your feelings to yourself, set up your boundaries to protect your own emotional health, and just "be there" when this train goes off the tracks.

Now, about this business of labeling with disorders:  stop it.  Every human being suffers and endures traumas and tragedies.  This is part of the "human condition."  To seek a diagnosis or to label one's Self with one disorder or another is unfair to our humanity.  It's not what we've suffered or endured, but how we choose to manage our experiences that determines whether or not these labels are acceptable.  Additionally, these labels allow for an easy excuse for poor choices, bad behaviors, or poor decision-making.  The whole point of this is that, when this friend finally emerges from her experience with this soul-sucker, it will be imperative to avoid using labels to attempt to explain what happened.  "Love Fraud:  The Book" is due out on the market in a couple of weeks - I suggest that anyone who is concerned with these types of men and women get a copy of this book and check out  the blog archives at the official site:  www.lovefraud.com.  The author of this book is an intelligent, educated, and successful woman who was flim-flammed by the same type of person. 

Borderline Personality Disorder is a broad, sweeping "diagnosis" that attempts to explain how and why human beings can deliberately (and, with malice aforethought) harm and permanently damage other human beings without a shred of shame, guilt, conscience, or concern.  There are many levels of BPD with some being violent and others not.  But, the more that you educate yourself on this, the better you'll be able to be available to your friend, and learn how to avoid allowing yourself to become embroiled in HER drama/trauma, as well. 

Best wishes to you and your friend!