Android :: Best Way To Make And Store Ringtones On Phone

I going to want to make my own ringtones soon, and I am wondering what everyone recommends is the BEST or better way for me to get my music onto my phone and storing it. For example, is it better to put music on my phone with the music app, clip and cut my ringtone in that app and store my tones that way.

Or is it better to clip up a song on my computer using something like Audacity and then send it to my phone via Bluetooth or USB Tethered? And if I did do it that way, where would I store it on the phone, folder, some in depth storage preference? I am a new Smart phone user, so I am looking for the best way to store my ring tones on the phone without making it bogged down and the best way to make my tone and transferring it to my phone.