RingtonePro: Make Your Bada-ringtone [Wave Y(S5380D) and Wave M(S7250) and Wave 3(S8600)]
Here is the app, which helps U to cut Your favorite piece of song to set it as ringtone. Good news - it is FREE on Samsung Apps. Bad news is that this app designed only for Wave 3, Wave Y and Wave M.
Link to Samsung Apps India: Wave 3 , Wave Y and Wave M, or just search for RingtonePro on Samsung Apps