Ok. I have never posted on a forum before but felt I had to do it this time. I have probably spent 6-8 hours trying to get this stuff to work. I finally got something to work and it was pretty easy.
1. Load song into iTunes library (if not there already)
2. Download Ringtone Maker app onto you iPhone. There are lots but I used the one where the app picture is single musical note inside an orange and red circle inside a white box. (sorry, couldn't find any other name for it)
3. In your iTunes library, click on the song you want to use for a ringtone.
4. Convert the entire song to the aac version. You won't lose your original, you'll just have 2 now. (right click, a little more than half way down, "Create AAC Version"
5. Determine which of the two songs is now your aac version (mine showed up lower than the original, that's the only way I could tell.
6. Rename the new version in your library to something else. (Like song name2)
7. Download this new song into your iPhone if it doesn't do it automatically.
8. Using the Ringtone Maker app, make your ringtone. Be SURE to use the renamed version of the song to make the ringtone.
9. After you have made your ringtone and saved it, open (if not already) iTunes and plug in your phone (if not already)
10. Go into your phone by clicking on the little phone icon at the top of the iTunes screen. Click on the apps tab. At the bottom of the screen, you will see a section called file sharing. Right under that, hopefully you will see the Ringtone Maker app in the left pane. Click on this. Hopefully this will bring up your newly created ringtone in the right pane. Click on this and select save (lower down) and save it to your location of choice. I used desktop.
11. In iTunes click on my music or the little note up in the top left corner. Click on the 3 dots over to the right. A drop down box should give you multiple options. Select tones. Now drag your saved ringtone from where you saved it into the iTunes tones folder.
12. If it shows up under tones (hope hope), you can now drag it to your phone and it will appear under tones under the "On my device" section.
13. From there, you should be able to go into your phone, select settings, sounds, ringtone and at the very top, if everything went right, you can select your new ringtone.
GOOD LUCK!