I was exploring Android Market and found a handy app that lets you create ringtones on your Android named as Ringdroid. By using this app, you can create ringtones from your music library or even record new ones. With Ringdroid Android app, create your own ringtone, alarm, or notification sound from an existing audio file, or record a new one directly on the device.
Ringdroid app Info:
Requires: Android 1.6
Download Status: Available on Android Market
If you have question in your mind that ‘How to create own ringtones on Android’ then Ringdroid is your answer.