I use this website
Myxer and you just upload a song from your computer and make a ringtone from the parts of it you want. Pretty cool online interface. You can send the ringtone to your phone by text message or download it and just put it on the phone manually. I download them and create a folder called "Ringtones" on the internal sd then just copy and paste them into that folder. The phone recognizes them as ringtones when I got to set them.
Go play around with it. Its pretty fun cutting up the songs you personally like and making the Ringtones. Might take a couple tries to see what audio lvl you want them at. I know I threw a few away at first because they were not loud enough. Depends on the type of music also.