An update to the recently released beta version of Nokia's Ringtone Maker is now available through Nokia Beta Labs. The new version (version 1.2.6.11) contains a number of stability fixes and also increases the length of the maximum ringtone that can be created using the app from 30to 60 seconds.
The previous beta, which was released a fortnight ago, added support for the MWA, M4A, WMA, and AAC file formats (DRM free only), thus allowing a wider range of music files to be turned into ringtones. Nokia say new beta version is a candidate for final release (i.e. promotion to the Windows Phone Store) and are therefore keen to collect feedback, from anyone using the app, via Nokia Beta Labs.
Windows Phone Store description:
With Ringtone Maker, you can create ringtones from the music on your phone. Simply open the app, select your favorite song and save it as a ringtone. You can cut your ringtone anyway you like, with editing controls that let you choose the start, end and length of your ringtone.
In this version there’s now support for more music file formats: WMA, M4A, M4R, and AAC along with MP3.