Requirements: Android 1.6 or higher
Overview:
Create ringtones from your music library, or record new ones on the fly!
Create your own ringtone, alarm, or notification sound from an existing audio file, or record a new one directly on the device.
More Info:
http://www.phtheme.com/Android_Apps/Music/ringdroid_1_1_370.html#.UABjqZGgyq8
