Download iRinger

Editor: iRinger exports ringtones to iTunes, so there is no need to "jailbreak" your iPhone. You will be creating ringtones in seconds. It's that simple.

Three Steps: Import, Preview then Export. Done.
Convert virtually any audio format into an iPhone ringtone
Extracts audio out of video
Choose which section of the audio you want to hear
Adjust ringtone length, volume, fade in, fade out and loop gap
Export to iPhone ringtone format and import right into iTunes
Export to iPhone using SCP/SFTP and skip using iTunes
Use audio effects: Delay, Flanger, Boost, Reverse, etc.
Check out a quick introduction how-to iRinger tutorial
Check out another tutorial using the advanced features
Tutorial on converting iTunes-Purchased music to a ringtone