yes it is possible to send pics and tones. I don't think games are possible...have never run into a size limit myself. I just used bluetooth to send one of my co workers a 1:30 video I recorded out on the lake. It worked just fine. I have even bluejacked devices at ball games to send stuff.
if you want to send something make sure you both have bt power on. One of you go to the pic or tone you want to send, hit the main menu key and scroll down to copy. If you don't have bt power on it will ask you if you want it on. Now select look for devices. It should find the other phone or any bt device within range for that matter. the other device will ask for permission to pair and then you can send, he can receive and save.
If you have paired with the same phone or device before it will be listed along with the look for devices option, so you could use that for the same phone over and over and not have to search.