Are you tired of the marimba, doorbells, and barking dogs? Load a song from your iTunes library, drag the start and finish sliders to create a snippet, and then save it as your ringtone. You'll have to save the file to your computer and reimport it to iTunes, but that's Apple's limitation, not the app's.
WIRED Precise sliders for ringtone editing. Automatically fades out at the end of the clip.
TIRED Switching out of the app causes you to lose unsaved progress.