[noob] best mp3 settings for use as ringtone?

[dr_mabuse]

Hi all
I have recently changed phone and want use an mp3 as a ringtone. I have extracted a full mp3 as a test using audiograbber's default settings and loaded into the phone, but it is incredibly quiet on playback, despite ringtone volume set to maximum. I can set it to increasing ring volume mode, but I'd need to chop out a small loop from the mp3 for this to work I think.

Can anyone advise what settings mp3 files need to be at to a) have decent volume and b) maintain useable file size?

Is there a better method for extracting and converting from my CDs for use as a ringtone? And what app is the best for chopping out a sequence that I can loop as a tone? Any info and/or links appreciated.

thanks all

dr_m