Create Free iPhone Ringtones
1) Get any music or audio file in MP3 or WAV format.
2) Put and drag it inside your iTunes.
3) Select the music file in iTunes, right click and select Convert Selection to AAC.
4) Look for the new file in your iTunes Music folder.
5) Rename the file extension from *.mra to *.mr4
6) Drag the new file back to iTunes. It will now be recognized as a ringtone.
7) Synchronize your iPhone with your iTunes by going to the Ringtones tab and applying the synch feature.