Jailbreak, buy celeste off cydia ($10), install on your iPhone, get them to jailbreak theirs and install celeste using your cydia ID and then share the video through bluetooth.
Crazy process and impossible if both cannot be jailbroken, but the best way IMO. Love that tweak. Can share anything from contacts/music/video/files etc to any bluetooth cellphones/computer now.
P.S. There are cracked versions of the tweak around but you are going to have to find it out yourself 😛