Download free Android app Ringdroid for your Droid device that can create ringtones from the mp3, wav and ARM files stored on your handset.
Ringdroid’s easy to understand interface enables users to set the start and ending notes of their ringtone by sliding arrows along the onscreen timeline, and editing the ringtones.To create ringtones on your Droid:

Open any audio file on your Droid
The scrollable waveform representation of the audio file at 5 zoom levels will be visible
Set starting and ending …