WP7.8 firmware is available at NaviFirm for all WP7.5 running Lumias , but will roll out only in beginning of 2013. But those impatient souls who took risk of flashing their devices with the WP7.8 firmware, are now rewarded by Nokia with first experience of much awaited Bluetooth file transfer and Ringtone maker applications. It seems that the firmware doesn’t bring these two changes along, but rather once you have updated to WP7.8, you can go ahead and install these two from Windows Phone store.
With Bluetooth Share you can send and receive image and audio files between your devices. Switch Bluetooth on anytime you want to send or receive files, pair your devices, and start using Bluetooth Share.
With Ringtone Maker, you can create ringtones from the music on your phone. Simply open the app, select your favorite MP3 song and save it as a ringtone. You can cut your ringtone anyway you like, with editing controls that let you choose the start, end and length of your ringtone.