Is it possible to do cell phone search or tracing?

No, till date there is no software which allows you to search a phone and hack the phone. There are few softwares like mobile locator by which they can detect which part of a country does your sim belong to. So you need not to worry about that

Besides, there are softwares like superbluetooth by which they can hack your mobile if your bluetooth is switched on and you are in the premises of the one who is having superbluetooth hacker. It is generally used for teasing purpose .And no cases have been filed so far about misusing of super bluetooth. So you need not to worry about anything, Only thing you should be careful is to not store vital information on your mobile as it may affect in damaging way if you loose your mobile. There are no other softwares to hack a phone without the permission of the owner of the phone. Just relax and stay calm . Do not get worried about hacking issues.