I used to use Winamp to convert MP3's to WAV's, then use Microsoft Sound Recorder to cut out whatever part of the song I wanted for a ringtone. I forget now how to re-convert it to an MP3 though. I thought I did that in Winamp too, but can't do it now for some reason.

Just noticed this thread too...

http://pdaphonehome.com/forums/samsu...ringtones.html

Looks promising.