Ringdroid is an application for Android that lets you record, edit sounds and create ringtones from those sounds directly on the phone. Given that there are commercial applications that do this, Ringdroid is an excellent choice to create your own ringtones for free.

Not only you can create ringtones, but those sounds can be set as alarms or notifications. Ringdroid is a graphical waveform editor that supports as input files in this format: MP3, AAC/MP4 (including unprotected iTunes music), WAV, 3GPP/AMR.

Ringdroid app review:

Main features:

• You can open existing audio files from your phone
• Ringdroid will display a scrollable waveform line of the audio, magnified 5 times so you can accurately chose the section you want
• You can set a start/end point using an (optional) touch interface
• It lets you play the selected audio portion, with visual auto-scrolling for the waveform
• The selection can be saved as a music file, ringtone, alarm or notification
• You can record your own audio file or delete existing ones
• You can assign a different ringtone to any contact

Download: Ringdroid for Android