If you are using a contact stored on the phone, select your contact, then edit. Scroll down a little and you'll see a spot where you can select a ring tone. If you are using Google contacts, which I'm sure you are, I believe you can like that phone contact with the Google contact. That should give you your custom tone. You would have to add a local contact for each Google contact you want a custom tone for, and link them accordingly.
Thanks Nick, that's a pain in the butt. I don't remember having to do that on my OG Droid.
You can long press the "jingle", choose Set As, Caller Ringtone, then choose the contact.
If you have a google entry and a phone entry, you might see an error. Just choose the phone section of that persons contact, and there ya go.
You can't do it if it's a google contact... The way to get around it is to export your contacts, then re-import them back in.
Contacts-Menu-More-Import/Export-Export then do the revers and import then file back in. This will make a local copy of the contact plus make a backup. Alternatively you can create a single "Phone" contact, then link it to the Google contact.
ok the only way you change the contacts ring tone is bye doing this
1.click on contacts
2.click on settings in contact then click more
3.click on export/import
4.Export to SD card
5. then go back all throw them steps and import contacts to phone
then you know can change each person ring tone to what you want
hope this helped all you out