This is a post for the people that our having problems creating Ringtones with the updated iTunes (v 7.4). This is the way I am doing it. It is by no means the ONLY way, but it is a way that works for me as well as keep everything organized.
(1) Select your song. If you want to edit it (picking a particular starting and ending point) you can use the method described in earlier posts (see below) or with some free audio programs. I am on a MAC and like
Audacity, but there are others.
(2) Create a folder titled "iPhone Ringtones" so you can keep track of all your Ringtones and come back to them if you need to. This also keeps all of your files neat and tidy and causes less confusion as to where your files are.
(3) If you are using the "itunes" method, select your original song in iTunes. Select "Get Info" in itunes. Click on the "Options" tab. Here you can increase the volume as well as select a starting and ending point for your song.
If you are using this method, you can skip step
4.
(4) If you are using an audio editing program, edit your song and then export as an AIFF or WAV file. Export the song to your "iPhone Ringtones" folder
(5) Open your exported song in iTunes. Select your song and right-click (if you don't have a right-click mouse, use control-click). Select "Convert Selection to AAC." This option is available to me because I have my settings under "Preferences/Advanced/Importing" to "Import Using AAC Encoder." Once it is done converting, right-click the converted song and select "Show in Finder." This will reveal where the song is located on your hard drive. Move the song to your designated "iPhone Ringtones folder" that I told you to create in step
2. If this is merely copying the file and not actually moving it, delete the original file if you don't want duplicates all over the place. Again, this keeps things nice and tidy.
(6) Delete the MP3 playlist file (the one you used BEFORE converting it to AAC) as well as the converted AAC playlist file from iTunes. This will keep iTunes from having several different directories for the same song, keeping things tidy and neat as well as keeping you from having a headache on keeping track of where everything is.
(7) Create a playlist on iTunes called "iPhone Ringtones." This is also for convenience sakes. It will help you have easy access to your Ringtones "playlist" and be the only place where iTunes keeps a directory of your Ringtones items (besides the Ringtones tab).
(8) In the finder, select the song you converted to AAC and press "Command-I" (or right-click and select "Get Info.") and IN THE GET INFO WINDOW (NOT the finder) change the extension of this file to "m4r" - IMPORTANT - Do NOT change the extension name in the finder. IT might appear as m4r in the name, but if you Get Info on this file, you will notice that the file now has TWO extension to it (i.e. "Start Me up.m4r.mr4") which REALLY confuses iTunes as well your iPhone.
**The song HAS to be in an AAC format FIRST before proceeding to renaming the extension. MP3s do NOT work. Repeat, MP3s do NOT work.
(9) Select your mp4 (lowercase works just fine) song and drag it into your "iPhone Ringtones" playlist in iTunes.
(10) Now sync up your iPhone, select the "Ringtones" tab. Select your songs and you should be good to go.
Hope this helps.