Using MP3 as ring tone instead of WAV... Anyone know?

My answer would be "WHY????????"

Using MultiMediaConvertor you can get wav files half the size of mp3.

But to answer your question, no, sorry mate haven't heard of anything that can do this. If the standard software can't (probably not 😃 otherwise you wouldn't ask this 😉 ) than I think you're out of luck :s .