Step 1: Simplify the first trigonometric factor.
We know that
\[
\frac{1-\tan A}{1+\tan A}=\tan\left(\frac{\pi}{4}-A\right)
\]
Here,
\[
A=\frac{x}{2}
\]
Therefore,
\[
\frac{1-\tan \frac{x}{2}}{1+\tan \frac{x}{2}}
=
\tan\left(\frac{\pi}{4}-\frac{x}{2}\right)
\]
\[
=
\tan\left(\frac{\pi-2x}{4}\right)
\]
Step 2: Substitute a new variable.
Let
\[
t=\frac{\pi}{2}-x
\]
Then,
\[
x\to \frac{\pi}{2} \implies t\to 0
\]
Also,
\[
\pi-2x=2\left(\frac{\pi}{2}-x\right)=2t
\]
and
\[
\sin x=\sin\left(\frac{\pi}{2}-t\right)=\cos t
\]
So,
\[
1-\sin x=1-\cos t
\]
Also,
\[
\tan\left(\frac{\pi-2x}{4}\right)
=
\tan\left(\frac{2t}{4}\right)
=
\tan\frac{t}{2}
\]
Step 3: Rewrite the limit in terms of \(t\).
The given limit becomes
\[
\lim_{t\to 0}
\tan\frac{t}{2}\cdot \frac{1-\cos t}{(2t)^3}
\]
\[
=
\lim_{t\to 0}
\tan\frac{t}{2}\cdot \frac{1-\cos t}{8t^3}
\]
Step 4: Use standard limits.
As \(t\to 0\),
\[
\tan\frac{t}{2}\sim \frac{t}{2}
\]
and
\[
1-\cos t\sim \frac{t^2}{2}
\]
Therefore,
\[
\tan\frac{t}{2}\cdot (1-\cos t)
\sim
\frac{t}{2}\cdot \frac{t^2}{2}
\]
\[
=
\frac{t^3}{4}
\]
So, the limit becomes
\[
\lim_{t\to 0}
\frac{\frac{t^3}{4}}{8t^3}
\]
\[
=
\frac{1}{32}
\]
Step 5: Final conclusion.
Hence,
\[
\boxed{\frac{1}{32}}
\]