If you’re unlocked (either dev unlocked or through Chevron) you can now enjoy custom ringtones. it actually creates a custom XAP with 5 custom ringtones that you select from your computer and you then deploy them to your phone. Here are the notes:
- Ringtones have to be in the WMA format at 48KHz as required by the OS. We recommend using Expression Encoder 4 (free) to transcode any MP3s.
- Currently, to deploy the XAP you will have to use the Microsoft “Application Deployment” tool with the Windows Phone 7 Developer SDK. In the future, we hope to make available a standalone deployment solution for homebrew apps.
You can check out the details here. I’m testing it now.