I don't believe you can use a .wav file for a ringtone. You dont' want those on your phone anyway because they're much much larger than .mp3 files. And you can't just change the extension from .wav to .mp3 because there's no compression. I would just convert from .wav-->.mp3 because it will save a lot of room anyway, and then you'll be able to apply it as a ringtone.
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