I've been doing this for about a year now. It works great.
An incoming call will show your own caller ID so choose the option for the incoming caller to ID him/herself by voice. When you answer a call, it will tell you to press 1 to hear who is calling.
Rooted
OS 4.04 ICS
Unlimited Talk/text Share plan with 20GB data for 8 phones (paid by work)
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