The Apple blog published a nice article explaining how to create free ringtones using only the Apple iTunes software. The only restriction of that method is that the song needs to reside on the hard drive of the user so that a ringtone can be created from it.
The method is pretty straightforward but requires a [...]

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Paying $0.99 for a single Ringtone is way to much especially if you already bought the song from iTunes or have it available on CD or as mp3.The funny thing is that Apple introduced a new format for ringtones with the extension .m4r which is simply a renamed .aac file which are the files that you download when you make a purchase at iTunes.

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