yes, but i use audiko.net to get all my ringtones. It's free and really easy. I know there are other ways, but this one is all done in browser and, like i said, free.
It's the iTunes method, so no need to do it in another program and no need to download anything else. Everything can be done right in iTunes, and it takes like 30 seconds. It showed up on my iPhone under ringtones right away. Hope this helps!
Audiko.net has by far the easiest and free way to make the ringtones for the iPhone in my opinion.
They also have a ton of other ringtones made by others as well.