After purchasing a Ringtone through Verizon they will send you a MMS text message. The message will be from number 000-000-000. Open the message . It will say something like "Congratulations! You have successfully purchased your Verizon Wireless ringtone." Play the tone by tapping on the icon with the media play/music note. After playing press the menu key -> then select "Save Audio."
Now go to "Settings." Select "Sound & Display." Select "Phone Ringtone." Scroll to the bottom of your ringtones. Your new ringtone will be named something like "MMS_11111dm" with other numbers in place of the 1s. Select it and press "OK."
I renamed my ringtone with the name of the tune I purchased but it still showed in my list of ringtones with that odd naming convention the used above.
You can also take any .mp3 file on your PC and copy it to the DROID, then go into phone options and set as your ringtone, either for the phone (default) or a different one for each individual.
Why pay for ringtones?
You might give Zedge a try when you listen to a Ringtone or Look at a Wallpaper from Zedge you can either Save it or Set it as a Ringtone or Wallpaper on your Home screen the minute you select it..