If you are looking to save money on costly iTunes Store ringtones for your Apple iPhone or to obtain ringtones that are not available through the store or other ringtone services, you can create your own from any song in your iTunes library. This alternative is not only free, but requires no extra software and gives you the ability to create the most highly customized ringtones possible.
Click on and select the song you want to make an iPhone ringtone from in your iTunes library. Right-click on the song. Select "Get Info" from the menu that pops up.
Click "Options" from the top of the information window. Enter a segment of the song to serve as your ringtone, up to 40 seconds in length, in the Start Time and Stop Time fields. Click "OK."
Create a cut, converted AAC version of your selected song segment by clicking "Advanced," "Create AAC Version." You should hear a dinging bell sound, and a file appears below the original with the same name but with a different figure in the Time column. This version is in AAC format and is only the portion of the song you chose.
Change the extension of the converted file by clicking "File," "Show in Windows Explorer" in iTunes. Right-click on the file and choose "Rename" from the appearing menu. In the extension portion, which reads ".m4a," type ".m4r" instead.
Keep the Windows Explorer folder open but return to iTunes. Reselect the shortened AAC file if it is not already selected and choose "Edit," "Delete" from the menu bar. Choose "Remove" from the appearing dialog box. Click "Keep File" in the next dialog box. This allows you to reimport the file as a ringtone instead of a music file.
Bring up the Windows Explorer window again. Click and drag the .m4r file to the iTunes window. Release the mouse and locate the file in the Ringtones library panel at the left of the application.
Connect your iPhone and drag the ringtone from the Ringtones library to the "Devices" icon in the source panel. After a short syncing period, iTunes alerts you that you may disconnect the iPhone. The ringtone is available for you to use on your phone.