Here is the best way I found for making custom ring tones for your Moto Razr. I just purchased a Sprint V3m Razr so this is how I did it on that specific phone.
1. Set your iTunes to convert your music into mp3 format.
-The next step is up to you depending on the size of your micro SD card
2. You can either transfer the entire song or chop up the song. I used
Audacity to chop it up. I read a few places that you could also use Gargeband.
3. To get your phone to sync with your computer, use your Bluetooth. I do have a data cable but I didn't mess around with that because the Bluetooth is so much easier. Turn your Bluetooth adapter on both on your phone, and on your computer.
4. Go to your phone and click on Find Me under the Bluetooth menu.
5. Go to your Bluetooth menu and search for your device. Your phone should pop up and then you will want to select it and click browse.
6. This will open up your phone directory. Here, just highlight the audio folder, click send and find the mp3 you are trying to move and viola.
7. Assign your new ringer and your good to go.