I am trying to add a bluetooth widget to my Razr home screen, however when i press and hold it only brings up "choose wallpaper options" Any suggestions?
Assuming it's like the Bionic with ICS, there isn't a bluetooth widget.
You can download one from Google Play.
You can put the Power widget on your home screen (go to Apps > Widgets > slide to the left until you see Power Control, then press and hold to place where you want on your home screen).
Create a shortcut using Settings ... go to Apps > Widgets > slide to the left until you see Settings, then press and hold to place where you want on your home screen. It then will give you a pop-up listing what the shortcut can be attached to ... choose Bluetooth.