MAKE YOUR OWN RINGTONES!
Ironically, moments before seeing your post I had just spent some time making ringtones for my iPhone - it's SUPER easy!
(I'm using iTunes 9.2 and an iPhone 3Gs running iOS4)
All my iTunes music is owned. I merely find the song I want a piece of, listen and determine the :30 seconds I want ...
• GET INFO on the song (command+i)
• Select the OPTIONS tab at the top of the window that pops open
• Set the START TIME and STOP TIME of the song (you can define hundredths of a second if you wish), hit [OK]
• Go to iTunes menu bar at very top of your screen, select ADVANCED
• CREATE AAC VERSION (this must be previously defined in iTunes' CD Import Settings preference)
• iTunes will generate your new, :30 second AAC version of the song
• Drag this new :30 second version onto your desktop
• Change filename from .m4a to .m4r, confirm this in the dialog box that will appear
• The song you just dragged onto desktop should still be highlighted within iTunes (be sure to be in iTunes, not Finder) - press the DELETE key, hit REMOVE, hit MOVE TO TRASH ... that :30 second duplicate file is now gone from within iTunes.
• Remember to reset your original song's START TIME and STOP TIME by deselecting the boxes
• Click on the RINGTONES library icon in iTunes (below Apps, above Radio)
• Drag the new .m4r file from your desktop and plop it in your RINGTONES library
• Sync your iPhone
• Go into iPhone's Settings > Sounds > Ringtone
POOF! You've got home-made ringtones!
NOTE: It takes longer to read the above info than to actually make the ringtone. Once you've done it a couple of times, it'll be really fast. The most difficult part is deciding which :30 seconds of the song you want to use!
ONE LAST NOTE: Your iPhone's ringer will likely only have a :20 second duration. See this link on how to extend it to :30 seconds. Again, super-easy!
http://www.iphonenano.net/how-do-i-make-my-iphone-ring-longer-iphone-q-a/iphone- tutorials