Trade white iphone for black iphone between friends?

Hi there, couldn't seem to find any answer on this so maybe you can help..
Has anyone / Does anyone know if its possible to trade your iphone w/ a friend if you both want the opposite color?
IE - my friend bought the white one, which I want, and I was only able to buy the black one, which he wants. We are a couple hours apart, so it would be nice to know if it would even work (replacing the sims) before driving over there.
Any help is super appreciated! Thanks!

Theoretically, yes it is possible. But you will have to reactivate your iPhones when you connect to iTunes (so make sure you have everything backed up and synced before you trade). Also, make sure you trade your receipts -- since your warranty is tied to the phone receipt, not to your ATT account. You would also be wise to re-register with Apple upon trade, so that they have the correct serial numbers and IMEI numbers that are tied to your traded phones.
Before trading, make sure you deauthorize your iPhone from your iTUnes, or it will eat up one of the 5 alloted slots for devices.

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