This worked GREAT! Thank you! The Ringdroid app is free and worked great. I found the already-downloaded music file, edited it, then saved it as a Notification. It them prompted me if I wanted to make it the default for Notifications (texts), and I did. Works great! This is exactly what I wanted.The best way to have custom ringtones and alert sounds is to create it yourself. Download from the Market the app RingDroid and cut and snip a song ( or any recorded sound) you may have. Save the file by hitting the floppy disk icon. SAVE AS Type: Notification. The default is ringtone so you do have to arrow down to select the notification option.
Then you go to your Messaging app, hit Menu, Settings. Scroll down to find Notification Settings, Select Ringtone. What you created in RingDroid will now be listed along the generic stock sounds. Select your new sound.
You can also use this app to create sounds for Alarms. I was tired of waking up to the Rooster alarm so I created my own. It is one of the best app there is!