Put the bone on the flat work table. Locate the largest, flattest portion of the bone that would make the best ring for your personal style.
Put on goggles and a face mask. Use the hacksaw to cut away the bone that won't be needed to make the ring. Discard these portions of bone.
Insert the brush into the grooves of the bone to remove the bone marrow as thoroughly as possible. Some marrow will cling to the bone. This is OK; simply remove as much marrow as you can with the brush.
Fill the large pot with water and bring the water to a boil on a stove. Reduce the heat to simmer. Put the bone in the water. Allow the bone to simmer for about an hour. Remove the bone from the pot and let the bone cool on a soft, clean white cloth.
Clean the bone with the vegetable brush once more, removing any remaining marrow that has been loosened from the simmering process. You may also use the white cloth to remove marrow.
Put enough 40 percent hydrogen peroxide solution in the bucket or other container to cover the bone. Put the bone in the solution. Secure the lid onto the bucket or container. Leave the bone in the bucket, allowing it to soak in the hydrogen peroxide solution.
Check the bone after 3 or 4 hours. If you would like the bone to be a lighter color than it currently is, leave the bone in the hydrogen peroxide solution for additional increments of 1 hour until the bone is the desired color.
Remove the bone from the hydrogen peroxide solution and rinse it under running water. Put the bone on a second clean, soft white cloth. Allow the bone to dry thoroughly for 1 or 2 days.
Determine how wide you want your ring to be. Rings are typically one-eighth or one-fourth of an inch wide; however, they can be as wide as 1 or 2 inches.
Cut the bone with the hacksaw until you have a piece of bone that is as wide as you want your ring to be. Discard the rest of the bone or save it for another jewelry project.
Put the drill bit in the drill. Drill away the inside of the bone until you have a hole about the size of the finger for which you're drilling the bone ring. Align the hole in the ring with the ring size chart for the size of finger for which you're making the ring. If the hole is not big enough, insert the file into the drilled hole and file away more bone evenly along all the edges. Continue to file until the ring hole is the intended size.
Smooth the bone ring's surface with medium weight sandpaper until the ring's surface is smooth. If you have a jewelry or gem polishing machine, you can also use this to smooth the ring after you have sanded it.