OK, guys and gals, thanks for all your help. Here was the issue: When ripping the CD to my computer, the format preselected was .wma. At jkaod's suggestion, I deleted the songs from my computer and phone, and then re-ripped the CD in the MP3 format. Then I copied the song file over to the phone, and in the "Now Playing mode", menu, more, set as ringtone, the Trim the ringtone option showed up. The trimmer was a bit tedious to use, but I got it set up.
Thanks again for all your help. Figured with enough input, we would find the answer.