Mp3 Cutter/Ringtone Maker is free app creates ringtone, alarms, and notifications from all Audio file like MP3, M4a and so on. You can set the start and ending notes by sliding arrows along the timeline, by pressing Start and End to record the point, or by typing in time stamps.

Features:
Copy, cut and paste.
Fade in/out for mp3.
Adjust volume for mp3.
Preview the Ringtone files and assign to contact.
Record a new audio clip to edit.
Delete audio (with confirmation alert).
Play anywhere else by tapping the screen.
Save the clipped audio as a new audio file and mark it as Music, Ringtone, Alarm, or Notification.

Ringtone save path:
Ringtone: /media/audio/ringtones/