Do you have a "Find my iPhone Account"? When they turn the phone on it should tell you where it is. You will have the option to wipe it.

If you have serial no, police can help you in locating the iphone and nailing those cowards.

You may find some other helpful info at:

http://ipod.about.com/od/usingios4/ht/Use-Find-My-Iphone-To-Locate-Lost-Or-Stolen-Iphone.htm

Omg. So Sad. Try: http://www.macobserver.com/tmo/article/ios-6-using-lost-mode
or your iCloud tracker per magistudios.

Transferring the number sounds good, since it will probably disable that number from that specific phone. I'd feel the same, and want to bust some heads over this, especially to do it to a kid, that's just a coward, because they wouldn't do it to an adult. Too bad you can't find out who, and just kick their butt.

damn shame... :( this stuff makes me sad, and worried!

Not sure if this helps, but if go to https://www.icloud.com/#find and login with his itunes account info, you can track where the phone is and erase all the data.

There is also a 'Lost Mode' but am unsure what this does.

Hope this helps.

Here are further instructions:
http://goo.gl/3zGJG

First, let me say I am sorry this happened to your son. You could buy another very inexpensive phone and transfer the phone number over. My friends son dropped his in a well and it was not retrievable and even though she had to buy another phone they did transfer the number to the new phone. I hope that will work for you as it did my friend.

What part of the world do you live? It is pretty bad when men steal from children.
My 2 daughters walk home from school and I would be upset past belief if this happened to my daughters. Can you go back to location it happened and see if someone's video cam caught the cowards on video. Many people have hidden video cams. I would put so much pressure on the thieves, I would put Wanted Fliers all over the neighborhood explaining what happened and ask community for tips . Set up a Google Voice phone number for the flier and ask the community to help you and police to catch the thieves.

I remember watching America's Most Wanted TV show and the person who hosted the show had his son kidnapped from a mall. Thank God they did not harm your son.
We can replace the cell, but we can not replace your precious son.

I would be willing to send you a donation to help defray some of the cost of the I-Phone 5 being stolen. Let me know if I can help.

I send a Mighty Decree that the Mighty I Am Presence (Universal Energy that makes your heart beat & controls all of Nature) send Archangel Sandalphon-the Ruling Angel & protector of the Earth; bring these two men to immediate judgment for the evil spirits these 2 men process. May you and your family find Peace. May the community come together and help you & your son.

Thanks,
: Bill: Phillips

Did they use the find your phone that tracks that phone??? the thief's probably figured that out though huh!...Wow that sucks big time. poor guy ;o(