Tried this app and it works really well - very cool imho.
"QuodRings is a practical music player application for your smart phone, you can use it to conveniently carry and listen to your music files everywhere you go! But QuodRings is more than a common music player as it allows you to use your music files as ring tones."
Vorbis On Your Phone
Full Version: Ring Tones, Vorbis and More
I would definitely try that out if my phone was supported. 
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.