You never know what features carriers will disable on their phones, but
if you have a memory card in yours, try this.  Go to the audio folder where
your ringtones are stored.  Highlight the one you want, then hit the Menu
button.  There should be an option to COPY or MOVE the file.  Select one of
them and it will ask you where to copy or move it to.  If this has not been
disabled, Memory Card should be one of the choices.

      Once you get it to the memory card, connect the phone to your
computer and you should see the ringtone in the audio folder on the card.
Copy and paste it to your PC.

Bob
http://www.cd2ringtone.com

I used phone tools media manager or some scuh to transfer an mp3 from
my computer to the music folder of my blue K1.  And then on the phone
I was able to select it as a ring tone.

Not sure what you're doing wrong in phone tools, but I'd be surprised
if the red Krazr is different than the blue in this regard.

--
Todd H.  
http://toddh.net/