On my Droid X when someone calls that is in my contact list instead of a ring it says the persons name.
Can I make the iphone do that?
Nope, not a feature of the iPhone. There are some third-party ringtone apps in the app store that you can use to make custom ringtones for this purpose.
You could record yourself saying their name, create a ringtone from that and then assign that ringtone to that person.
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