This comes in the form of unofficial builds of CM12, originally developed just for the Droid 4 by XDA Senior Member stargo. The list of working functions includes phone calls, mobile data, WiFi and WiFi tethering, and GPS. As this is still a pre-alpha test build however, pretty much everything else remains not working, including the camera app, reboot to recovery, data encryption and more.
Courtsey of XDA Senior Member ktimque, this build can now also run on the Droid RAZR. However, as it uses the builds developed by stargo, Droid RAZR owners must make sure to flash the appropriate files for the Droid RAZR and not for the Droid 4. Additionally, XDA Recognized Developer dhacker29 provides the Gapps for these builds which are available for download as well.