Get Audacity, it lets you import sound files, edit them, then save in most formats.
I agree, I think Audacity is a good choice. I also did a quick search and found this: http://download.cnet.com/MobilEdit-with-Ringtone-Editor/3000-2074_4-10298384.html
I use this one online...never had any trouble with viruses or anything...
I upload an mp3, edit it to the length I need, download it to my computer then email it to my cellphone as a multimedia message.
Here’s a couple of ringtones I made with http://makeownringtone.com/
This is mine:
http://dl.dropbox.com/u/538971/Journey%20of%20the%20Sorcerer.mp3
This is my son’s...
http://dl.dropbox.com/u/538971/Ladies%20ringtone%201.mp3
... or you might bypass editing your own ringtones altogether and find a ready to roll ringtone at http://www.zedge.net/
free program : Bitpim