i think the point everyone here is making is that you can have a ringtone as long as you want (as long as you have enough memory on your phone to support it) but there is no need because after 15 - 20 seconds or so either you've already answered, the call went to voice mail or they've hung up. so adding a ringtone greater than 15 -20 senconds is pointless. If you really like your mp3 file that much, just add it to a playlist and listen to it as a song instead of a ringtone.
As for deleting the ringtone, if you cant delete it from the ringtone menu using options>delete, then you can use Bitpim to delete it straight from the file system.