audacity is by far the best nothing can come to it, u download it and drag drop ur mp3 and cut copy paste the part then just export it right back into ur droid ringtones folder...DONE! i make tones n literally under a minute
You can try futuredial suite smartphone edition. They even got a youtube video. [video=youtube;-IW86yM6HRo]http://www.youtube.com/watch?v=-IW86yM6HRo[/video]
/bump for audacity. edit your own MP3 files and copy to SD card in a folder called Ringtone. At least that is what I did. Unless you like to do it on your phone vs. your PC.