HaHa Mobile is the most popular and handy application that allows you to create your own ringtones from new or existing voice, sound or audio files. You do not even have to be an expert to use HaHa Mobile.
Convert audio files to ringtones
Record your friends voice and make your phone ring with their voice once they call you
Record your own voice or any sound and make it your ringtone
View the sound waves graphically and trim, add, re-order, cut, copy and paste the audio segments, with a click of the mouse

HaHa Mobile Ringtones is the Shareware version. The full version can be purchased by clicking on the "CLICK HERE TO ORDER" button below for around 28.99USD.