So here is a link I found that gives the tutorial I used to add ringtones as my ringers.
http://pocketpccentral.net/smartphon..._ringtones.htm
I've not set it up so I have a special ringtone for each of my friends, but I was concerned with space, so rather than using the entire mp3, I downloaded Amadeus Pro (and bought a license -
http://www.hairersoft.com/AmadeusPro/AmadeusPro.html) and used it to edit down 30 seconds of the mp3s I wanted to use. I then took those mp3 files and saved them to my Q using the info above.
I wouldn't recommend using the entire mp3, as they take between 3-7 megs per entire song and your phone won't use more tha 30-45 seconds of song before going to voicemail.
Good luck.
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If I helped, boost my rep! ;-)