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Goood News Everyone, Anything in the ringtone directory, is fair game for your Alarms. there is an add option as well, so you can usually add songs that are in your music directory and such too. Go nuts with it.
The timer however is another story. I was curious about that myself. I took a look around and best i could come up with is no, you can't change it.*
*Side Note, Yes, you can probably change it, however it requires rooting your phone, and playing with the various APK files. I haven't a clue about how that works....
I use StopWatch&Timer app and there you can customize the ringtone for the timer