Quick heads-up, Nokia Ringtone Maker app for Lumia WP7.8 smartphones is updated to v18.104.22.168. The app allows users to select their favorite music and set it as their device ringtone.
With Ringtone Maker you can create ringtones from the music on your phone. Simply open the app, select your favourite MP3 song and save it as a ringtone. You can cut your ringtone anyway you like, with editing controls that let you choose the start, end and length of your ringtone.
Note: No official changelog has been released. If you find anything new in this update, please do let us know in your comments.
Nokia Ringtone Maker