I second Audacity. I use it for ringers and to edit my Youmail musical greetings (because over 30 seconds for someone who wants to legitimately leave you a voicemail is pushing it) ;)
I'll 3rd it, and the motion carries.
But Audicity is a great app for making ringones. You can even adjust different aspects of it like sound level, speed, pitch, and a bunch of other parts.
The best part......it's free.
oddly enough, im going to suggest itunes for you.
discovered the method when i got my first BB.
all you do is right click on the song. go to option and select the beggining and ending que marks. and hit okay. right click on the song and select convert to mp3. of course itunes will most likely convert to AAC format so you just have to change all your import settings. what i use is 128 kbps, on MP3 format. works great since you can pick what ever part of the song you desire.
Cheers!