If you're looking to create notification sounds and ringtones right on your Android device, there is nothing better than Ringdroid. Ringdroid was one of the first apps of it's kind when it came out, and because it was so awesome then, it's gained a loyal following, lasting up to now.
Ringdroid is one of those straightforward apps, nothing unnecessary about it. It's a graphical waveform editor, right on your phone, that lets you take audio and music on your microSD or sounds you record and select just the portions you want to use. It's simple, easy to navigate, and so simple, a caveman could do it.
Just drag around the grey tabs to select your start and end point, and everything in the brightly colored area is what will be used. You're also able to listen to your selection prior to committing it to a ringtone, by clicking the big, obvious "Play" button. If you're interested in getting a very fine-tune part, you can zoom in to try and isolate the exact snippets you're gunning for. When you're done editing your audio, a simple click of the save button (that looks like an old floppy disk, of all things) allows you to pick if it'll be a ringtone or a notification and give it a unique name.
If you opt to go the recording live audio route, all you need to do is click the "Record New" button from the main screen and it'll take you to Android's sound recorder. Click "Record" and have at it. When you're done, save it and you're on your merry way.
If your microSD is loaded with music and you know the filename of the piece you're after, you can search for it, and the list will dwindle down to only the selections that meet your criteria. From there, I'm sure you can handle the rest.
Overall, Ringdroid is one of those apps that's almost necessary to have, even if just in case. It's useful, user friendly, and it gives you the freedom of having to edit things on your computer and then transfer them to your phone. Plus, it's free.
Download links as well as more pictures can be found after the break.