From SunlitGreen Software:
Free MP3 Ringtone Maker is an extremely simple and handy Windows software for making your own MP3 ringtones in 3 easy steps.
Just pick a song, cut it by dragging a pair of sliders, and then you get your ringtone. You can also add some fade-in and fade-out effects to the ringtone.
What's new in this version:
Version 188.8.131.528 fixed a bug in the installer; implemented a better UI for displaying range selection; a faster algorithm for parsing supported files from subfolders; more detailed instructions for errors.