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Now it looks good! I like it. Yet, I'll have two comments. First of all, those 8 mini players next to the video box need some sort of description. We know what they are since you explained in the previous version of this concept. But, users won't be able to comprehend what they are without any description. Maybe you can decrease the vertical distance between them and thus open up some space for a description text at the top. Secondly, the banner, Tube2Tone Top10, at the right bottom corner could be wider, so that it can cover entire bottom area of the site. As it is now, it creates a huge unnecessary empty space below Popular Collections. Another cure for this problem could be that decreasing the height of the ad will result in enough space for Tube2Tone Top10 banner.

Hi Metin !
thanks for your feedback, it's very useful! We are changing the layout again and will post the new version.
I think part of the confusion clears up once we have the red segments marked off in the sliders (which did not make it to the mockup that was posted).
We'll implement a mouseover function for the video player's "create" button to help the clueless. Mouseover text like "Click this button to record any segment of this video into a custom ringtone" should take care of the confusion.