Panda Music Player - Ringtone is a free Android app which lets you create ringtones and notifications from your MP3, WAV, FLAC, OGG, and MP4 files.

You can set the start and ending points of the ringtone by sliding arrows along the timeline or by typing in time stamps. You can then record the current playing song.

You can also use any song in your music library to create a ringtone or notification.

The software has a built-in audio editor which lets you edit the sound of your music files and create ringtones and notifications.