I use Audacity. I found it accidentally when I bought a turntable to record my old albums onto CD. Here is the website. It is completely safe and awesome. I've been using it for several years. You can record audio off of Youtube, LALA, myxertones, or any other site where there is audio. Have fun! http://audacity.sourceforge.net/

By the way, If you record the audio as a ringtone, save it as MP3 and make it so it does not exceed 300kb.

Whoah this is kinda amazing thanks for sharing it with us now I remember a thread in this forum asking abou how to make a customize ringtone for his phone

Thanks Mark for sharing us wonderful tip.

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