I found the MPT software to be useless for making ringtones as well. What I do is download a free program called Audacity, youll have to download their MP3 function as well, which is also free.
All you have to do is open the song, or other mp3 file youd like on your phone. Then either select that area of the song and choose to "export selection as MP3" or hack away at the song until all that is left is that section, and the timing is right and everything, then just do a regular export, or select it and export selection.
You can adjust quality settings to save file space on your phone, because on many phones its hard to tell the difference between 128kbps and 64kbps because phone speakers generally arent that great.
Thats just how I roll though.
2000 Oldsmobile Intrigue 3.5L DOHC V6 15x,xxx miles "The Forgotten W-Body"
shaved badges, Eclipse HU, Pioneer TS-A1370R'*, Pioneer TS-A6971R'*, 20% tint, cleared corners, Silverstar Hi'*, 9005 Low'*
Fenderwell Intake, Hi-Flow Cat, U-bend delete, GMPP Handling Kit, MOOG endlinks, and 12-inch front rotors
1996 Bonneville SE RIP 157,751 miles, totaled 8/29/05