According to rumors Nokia had a Ringtone App coming for the Lumia Line up with the WP 7.8 update and if the above screenshot is real these rumors are true!
While there are is not much more info on this app at the you can tell that you will be able to crop your song to where you want it, save it as in mp3 and set as your ringtone. This is not an earth shattering app but it is one that bring Windows Phone closer to being “Nokiafied” and that is always a step in the right direction.
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