Claye Feld Sources

With iTunes Version 7.4.1, Apple has added a custom ringtone maker for the iPhone, allowing users to select some tracks from iTunes and convert them into song that plays when a call is received or when the alarm sounds. "Some" is the key word -- not all songs on iTunes are elligible for the ringtone treatment.
In any event, if the song has a bell icon next to it in the iTunes Store, you can buy the song for $.99 and then convert it into a ringtone for another $.99 -- hence the $1.98 total ringtone price. It's a two-step process unless you previously bought the eligible song from iTunes. Wait there.....

Let's do it differently

What you will need:

-Mac OS
-GarageBand
-iTunes

Step 1: Create new project and create new real instrument track in Garageband







Step 2: Now drag you favorite MP3, WAV.... into Garageband on the track you just create.

Garageband will convert your song:

Step 3: Go to > share and send ringtone to iTunes

Garageband will ask to adjust the ringtone for 40 sec or less, click Adjust:



Now you will see the yellow cycle region on the top of the track as show bellow:

Step 4: Now you can move it from left to right to customize your ringtone. when you're done, click again to "send ringtone to iTunes"

Your ringtone will be ad to iTunes:



Apple, the Apple logo, Garageband, iTunes and iPod are trademarks of
Apple Inc., registered in the U.S. and other countries. iPhone is a trademark
of Apple Inc.