Vidm8 is a free and simple online service for converting videos from Youtube to mp3. It even can create ringtone from Youtube video.
It can also convert to mp4(iPhone, iPad video format),flv, webm, ogg, 3gp.
It is optimised to be used with smartphones!
How to convert video:
Just paste video URL from Youtube, Facebook(public videos), Dailymotion, Vimeo or Youjizz to "Input URl..." field, choose output format and wait for download link. More Info »
How to create ringtone:
If you want to create ringtone from any of those videos just select mp3 as output format and ringtone maker application will be automatically started for that song.
For now ringtones are available only in mp3 format.
Soon we will add more output options and other ringtones fromats.