A free program for Android, by Skyline Pearl.

Trim Video To Mp3 Audio Cutter is a trimming app for Android devices that will help you create custom ringtones from your favorite video songs. You can choose from a number of different music and video formats. Once you've found the one you want, you can trim it to the length you want and save it as a ringtone, notification, alarm, contact ringtone, or music file.

You can record and extract the audio from a video clip. The recordings can be saved to MP3, WAV, AAC, or FLAC. You can even combine the audio with other songs and create your own unique ringtone.