From AIV software:
AIV MP3 cutter can extract clips of any length from a MP3 song. These clips can be put as Ringtones of the cell phones. If the size of a MP3 file is going out of space, then the file can be cut and stored in two CDs by using it. It comes with advanced facilities like display of start point, end point and length of selection. It can play the selected part of the (clip) song. Includes volume controller.Not only this,it also supports editing of MP3 Tags like Artist name, Title, Track number...
What's new in this version:
Version 1.9 comes with improved handling of long duration clips of songs.