I just got the Verizon Razr VC3 and am exploring what you can do with it. I found a really easy way to get custom ring tones without paying large sums of money for them:
1) Sign up for a vzwpix account if you don't have one. This is how you get picture messages to your verizon phone.
2) Find or make an MP3 ring tone that you want to use. Make sure that you are abiding by copywrite laws (that is part of the reason why the ring tones cost so much money). :-)
3) Rename the mp3 file so that it has a .mid extension. (ie, newringtone.mp3 is now newringtone.mid)
4) Send the mp3 ring tone to your vzwpix account (email@example.com)
5) After a minute or two, you'll have a new message on your phone. Using the right soft key, save the file to your phone.
6) Change the ring in your phone using the standard instructions. You'll find your saved file last on the list of available ring tones.
I did this today, and now my ring is the beginning of "Take on Me" by A ha.