I sample all of mine at 96kbps but you can go lower if you need to further decrease the file size. Its debatable whether or not you can hear the difference between 96kbps and 32kbps on the phone speaker anyway. Don't bother with stereo as the phone only has one speaker.
A 17 second clip will result in approximately the following sizes:
@256kbps = 578KB
@96kbps = 217KB
@32kbps = 73KB
I use mp3Trim for trimming the mp3s down to size and Easy CD-DA Extractor for changing bitrates. Then I use 'mobile PhoneTools' to push the files onto the phone.
You have to cut down the file size if you want to transfer them to your phone? You should usually cut them down to about 30 secs. since thats the most a phone will ring! Uploading entire songs to your phone will use up your memory rather quick..
Most razrs have around 5MB of memory. You could upload an entire song as long as it takes up less than 5MB (assuming the phone was empty to begin with). But like what was said above, the ringer will only use the first 30 seconds of a clip before it repeats. You can still listen to the file in its entirety if you browse to it under the My Media section.
You need to run this on top of your Phone tools program. It's quick and easy to do, All it does is deletes the old drivers and re-installs new. This will make your v3 Razor Work. This is what I had to do with mine.