I have tried many apps that should have been able to record something and then save it into the ringtones list, and none of them work. I have also moved the recordings into the ringtones folder, using my PC (and changing them to mp3's), and they still won't show up. As far as I can tell, they are not drm protected. They are all under 1MB in size. I'm kinda lost. Anyone have any suggestions?
There is an app called "Ringtone Maker" made by Nokia before it was bought by Microsoft and its still available in the store. It allows you to make ringtones from your music collection. You can also select the desired length of the ringtone up to 30 seconds.
You may have to convert your recordings into .mp3 and place them in your Music folder.
You can download the app from here: http://www.windowsphone.com/en-us/store/app/ringtone-maker/5a99cbd9-e82a-4892-8264-17a64f9142e5
Note: The app is exclusively for Lumia.
Use Yivosoft Recorder app, which has this feature.
It is a paid app, but the trial version should help you