My fellow musicians, check this out. We know that ringtones are hot — sales topped $300 million in sales last year for more than 182 million content-crazy ring lovers — but here’s a way to turn that love into a revenue stream and marketing strategy for your band.

Xingtone sells software for under $20 that allows you to create/rip your own ring tone. You then host it on your band’s site for your fans/friends to download through their mStore service.

Why this is a good idea: Basically you upload song clips (wav/mp3) of your band’s music, then integrate the interface in your site. You set the price and manage sales yourself. Plus, imagine finishing a gig with your radio-ready single, then you tell your fans to check out your Web site to download that track as a ringtone — you’re just like Coldplay now!

NOTE: Xingtone keeps half the revenue and charges a monthly fee, and that isn’t the coolest. However, they do the hosting and have the interface, so they do need to recoup their investment. I’m not getting paid to advocate for this service. It just sounds cool.

This is the Xingtone mStore site.