a friend of mine has just bought a vodafone branded K700i and could not set the MP3's as a ringtone (as you are aware) so we converted the MP3 through Nokias Multimedia Player software to a file with an AMR extension and sent it to the phone via bluetooth and it worked. He can set the song as a ringtone and play it through the Media Player, but the best thing is the file has compressed from 3450kb in MP3 to 341kb (10% of the size) so you should be able to get roughly 100+ songs on your phone (the quality is down but it's a fare trade I think).
