This is a tutorial made from one of my forum buddies and staff member (TheInvsbleMan) at the PalmPreForum.org sister site (which I also help moderate)
Once you learn it, you will be making ringtones in 30 seconds (yes, its that easy!)
Any questions feel free to ask in here.
Download link:http://audacity.sourceforge.netQuick tutorial:
1.)Drag file to Audacity to import it.
2.)Split the stereo track:

3.)Cut it down to 1 channel. Because your phone only has 1 speaker and is mono.

4.)Set it to mono, again, you only have 1 speaker.

5.)Make your selection, just like you are highlighting text. You can listen to your selection by hitting play, and it will only play your selection. You can click and drag either end of your selection to add or subtract to or from it.

6.)Turn up the gain if you would like.

7.)Export selection

8.)Name it and select MP3. The default MP3 options should be fine for you, but if you know what you are doing feel free to tweak them. Then click save.

9.)
To get it onto your phone, transfer it to the ringtones folder via Desktop Manager.
Enjoy!