Are there any mobile phone models there that contain 2 way radio functionality?
Yes indeed! Legally, you can only use these if you're a part 90 operator, or a ham, just like the Baofeng/Wouxun/Chinese radios, and the cellular side works as an unlocked phone.
The smarmy answer is of course, that cell phones are two way radios on either the 800Mhz band (Sprint & US Cellular) or the 1900MHz band (all the others). Not what you meant, I know. The old Nextel phones with their "push-to-talk" feature were two-way radios using the old 50 MHz taxi-dispatcher band. Later versions of this technology used 900MHz.
I found a couple of references to cell phones that incorporate what looks like FRS service in the 446 MHz band with a claimed range of 5km (http://www.alibaba.com/product-gs/693379680/Cell_Phone_Two_Way_Radio.html is an example).