I was wondering if anyone could recommend a MP3 editor in order to create custom ringtones. I am looking for one that is not to complicated, will allow me to select the specific parts of the song and allow me to adjust the volume (or even better, flatten the volume) of the MP3.

I think you would do well with Audacity which is a free download. You'll have to Google it. You can cut out the parts you don't want rather easily. Or use the free software Coolringer Your free ringtones maker and it's even more simple. Just enter the number of seconds you want and it cuts it. I think it's only from the beginning of the song so you can't take something out of the middle.

thank you for the advise. I will look into them!

mp3cutter...You can chop parts of mp3"s up.

In addition to the already recommended ones, MP3 Direct Cut:

mp3DirectCut - the editor to cut, fade, split and record compressed mpeg audio

It can chop up MP3s without the need to decode to WAV then re-encode back to MP3, so you don't lose quality. (ok we're talking about a cellphone ringer here so quality might not matter that much, but you know...)

Many Mp3 editing software are available. I tried with FlexiMusic Wave Editor to edit mp3 for use as a ring tone, strip out some of the background beat and normalize the volume as well.