Ringdroid

Ringdroid application lets you create ringtones from your favorite songs or even record your own ringtones.

Create your own ringtone by editing a music track in your library, or record a new one directly from the phone.

To create ringtones, alarms, and notifications you can edit in the Ringdroid MP3, WAV, AAC, and AMR audio files.

Minimum Android system version is 1.6 (donut). Also works in 2.0 (eclair) and 2.2 (froyo).
You can download at: http://apk.cuaban.net/detail/7777/ Ringdroid .html