Heres how I did it using all free software.

First you'll need a wav file to work with. I use winamp which can be dl'ed for free. If you already have the wav file you can skip this part. When winamp is open right click on it and go to options then preferences. Then click on the wavewriter plugin and click close. This plugin should be on there, if not you can dl it for free. Find the song in the playlist that you want to convert and double click it. It will do a quick conversion and put the song where you specified as a wav file. While the song is being converted press ctrl+v to stop it before its done or it will just jump to another song and start converting that one too.

Now that you have the wav file, you need to crop it so its about 10 to 20 seconds long. Easiest way to do this is to use sound recorder since it comes free with windows. Just go to start, all programs, accessories, entertainment, sound recorder. Once sound recorder is open, click file then open. Open your wav file and start editing it. Its a very simple program and doesnt need much explanation on how to crop the song.

Now just email that edited wav file to an email address you can access with blazer on your treo.

Open blazer with your treo and go to your email. Download the file and save it as a sound. Once your download is complete, it will be available in the list with the rest of your ringtones.

Hope this helps people looking to make their own.