This should get it's own post so I repeat John Navas' FAQ answer:

Here is a new question and answer for the FAQ:
Q: How can I create a ringtone from an MP3 file on my hard drive?
A: Use Audacity freeware to convert MP3 songs to MP3 or WAV ringtones.
  http://audacityteam.org/wiki/index.php?title=Making_Ringtones

I downloaded Audacity freeware and created a few ringtones from MP3s on my
Windows PC hard drive so now it's time to try to copy the ringtones I
created from my Windows pc to the Cingular AT&T Motorola RAZR cell phone.

Can I just install these freebie Motorola USB drivers, connect the RAZR,
and slide the MP3 ringtones as files onto the Motorola Cingular AT&T RAZR
as a hard drive???

Here's my new question (not yet with an answer) for Navas' FAQ:

Q: How do I transfer MP3 ringtones from my PC to my Motorola cell phone?
A: ???

I will try and report back but it would help if someone can tell me if this
is the best legitimate freeware method to bring a ringtone from my PC to my
AT&T cellphone.