Create your onw ringtones with Ringdroid for Android Phones

Now you can create your own ringtones free of cost with Ringdroid on your android based mobile phone. Ringdroid lets you edit any MP3 on your phone or record a new sound and turn it into a ringtone, alarm, or notification. The only graphical waveform editor you'll find on a phone!

Features:

• Open an existing audio file
• View a scrollable waveform representation of the audio file at 5 zoom levels
• Set starting and ending points for a clip within the audio file, using an optional touch interface
• Play the selected portion of the audio, including an indicator cursor and autoscrolling of the waveform
• Play anywhere else by tapping the screen
• Save the clipped audio as a new audio file and mark it as Music, Ringtone, Alarm, or Notification.
• Record a new audio clip to edit
• Delete audio (with confirmation alert)
• File formats

This application supports wav,mp3,amr,3gpp formats.

If you have a T-mobile G1 handset, just click on "Market" and search for "Ringdroid" to install it, else you can download from Google ringdroid site.