Sweet Application, And it's FREE!

Nice utility if you want to grab video from You Tube and save for use on your phone or other replay device. Will also convert to MP3 by stripping the audio only if you want.

http://download.cnet.com/YouTube-Downloader/3000-2071_4-10647340.html

You will need the following package to convert the YouTube video to MP4 for viewing on mobile phone, PSP, iPod, etc.
http://www.free-codecs.com/ffdshow_download.htm


I already made a sweet ringtone by clipping "Tell Me Something Good" by RUFUS.
I used a free program called "Audacity" to clip the MP3.
http://audacity.sourceforge.net/