The Wonderful Mobile Application, Sharetones which is available for iPhones & windows, is now availabe for Android users, as Sharetones 1.0 beta.
Creating ringtones from songs you already own on your phone, Sharetones is able to send your songs to a database of over 65,000 tones and return several options that someone else has created. One ringtone may capture the intro instrumentals; another may clip the chorus. Best yet, for a limited time, it’s beta version is also Free.
The app won’t charge a thing on Android throughout the beta period, but after that it’ll cost you $1.49 for 3 recipes, $2.49 for unlimited use for a month, or 7.49 for unlimited use for a year.
Here is a video(Very First look) showing Swapping Ringtones on Andriod.