T-Mobile G1-toting ringtone-lovers can now creates android ringtones using ringroid. Ringroid is a freeware application that lets your create ringtones from WAV, MP3, and ARM files.

Highlights: equipped with a Record button on the app interface, zoom in to set more precise marks on the timeline, zoom mode, alarm and notification.

These parsers do not completely decompress the audio. Instead, they simply need to parse headers, frame headers, and just enough information from each audio frame to create a crude representation of the waveform. [source:ringroid]