[Johnny.Bravo]

I was playing around with Ringdroid yesterday and discovered that not only can you create custom ringtones, you can also save them as Ringtone, Notification, Alarm or Music. Ringdroid will save it in the appropriate folder. Now go into the main settings menu>Sound & Display>Notification Ringtone and select your new custom ringtone as the default for notifications. This will cover text messages, emails, and the alarm on the stock Android calendar.

Ringdroid can be downloaded from the Market and its free. Its also very easy to use.