Last year, Nokia released an exclusive app for Lumia Windows Phone devices called Ringtone Maker. This new app will allow users to select their favorite music and set it as their device ringtone. You can cut your ringtone anyway you like, with editing controls that let you choose the start, end and length of your ringtone. The beta app got updated to v. 188.8.131.52 with support for more file formats like WMA, MWA, etc,.
This release adds support for MWA, M4A, WMA and AAC file formats along with MP3. Also, other fixes have been added to improve stability and usability.
Download the new beta from the source link below.
Source: Nokia Betalabs