You can now create custom iPhone ringtones from songs you have saved in your iTunes library, using the Apple application GarageBand ‘08 (part of iLife ‘08). Creating a new ringtone is easy, you simply open up GarageBand and then follow theses simple steps:
Select ‘Create New Music Project’, and in the new dialogue box that opens up type the name you wish the ringtone to be saved under in your iTunes/iPhone.
Open up your iTunes music library and then drag the music file you want to...