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macrumors 68020
Who needs Garageband?
this is what you do:
Choose a song, it Apple+I (File>Get Info)
Go to Options
Change the start time and stop time to A THIRTY SECOND INTERVAL (at most) of the song that you want as the ringtone
Now, at least one box next to Start/Stop Time should be checked (two if you started the tone into the song and finished it before the end)
Click OK
Control click the song, Click: Convert Selection To AAC
Let it convert the song, then click the original song
In Options, UNcheck Start or Stop time if it's checked
Find the converted 30 second song, it should be below the original song (it will say 30 seconds, or less)
Control click that one, then Show in Finder
Drag it to the desktop, it will be the one that's selected
Go back to iTunes and DELETE the 30 second song, it should just disappear
On the desktop, find the song that you dragged, click it once so that the cursor comes up so you can change the file name
change the last letter of .m4a to .m4r (so just change a to r)
it will check it you want to keep .m4a or use .m4r, click use .m4r
double click, it should open in itunes under ringtones on the side
then sync your iphone and wherever you edit ringtones it will be there
Or just you know, open GarageBand, cut your song, save as ringtone.