Use Nokias Ringtone Maker app to create a ringtone from a song. Then while saving you will be asked if you want to make it your ringtone. You can select that. Even if you do not select it, and instead just save it, you can make it your ringtone by going to Settings > ringtones+sounds.
You can create several clips of songs to use as ringtones, using the ringtone maker app, and it will show up under the heading "custom" in the list of ringtones.