You certainly have a lot of questions today. :)
Unfortunately, the ring is just as fantastical as the movie itself. It is impossible to magickally make oneself physically invisible. There are a class of spells some people refer to called 'see-me-not' spells which lower your energy levels so people are less likely to notice you, but they do not make you completely invisible.
As far as seeing astral beings, there are accounts of people who have practiced spirit work enough that they can easily see the natural and astral planes interchangeably. Someone could mentally associate their ability to do this to a physical object such as a ring, but the power would still be inside them, not in the ring. There would be no way of transferring that ability from one person to another just by handing them the ring.