You have to "buy" the Motorola Phone Tools software in order to transfer stuff back and forth. It's free. MPT has a pretty good audio editor, so you can take an mp3 and just cut out a part and use that as your ringtone or something.
Yeah, my cousin has that, and he can even make ring tones for me (not a razr user, I've got a nokia 6101) he just crops what he wants, (for me he saves it to a .amr, so I can use it.) then he transfers it to his phone, (for me he text messages me the tone, then.) It's pretty cool.