Use Mp3 to RingTone to edit MP3, WAV, AAC, and AMR audio files and create ringtones, alarms, and notifications from them.
Many options to use :
1- Create ringtones from existing audio files on your device (primary storage or External Storage)
2- Set ringtone as default
3- Assign ringtone to a specific contact
4- possibility to record sound and edit it on MP3 to Ringtone application
5- Be you own DJ and Cut MP3s as you like them
Enjoy it :)