Pretty primitive but works...
I have a Nokia 3650, I just take one of my tunes, play it with Quicktime, select the part of the song I want, export it as a .wav file, send it to my phone via bluetooth, save it, go to settings and voilá! my ringtone is the first 15 seconds of Monsters Inc.'s soundtrack
... nice eh? 
nullcc said:From what I understand, Ringtones ARE a huge and gigantic market.
Something like $1.5 billion this year projected (Maybe next year?).
I read a story about some software that made ringtones out of normal MP3s and put them on your phone, and naturally they were sued.
People seem to love to spend money on a song for their phone.
Imagine, if you will, instead of going to your carrier's ring-ring page, you just boot up iTunes on your phone and download your songs straight there.
You could have all the AAC rings you want!
... Probably unlikely...
No doubt the Cingulars and Verizons of the world wouldn't want someone else cutting into their $2-a-download stuff for 99¢.
And probably the RIAA would want to start its own Mp3-ring store.
Oh well, it was fun while it laster.
I have a Nokia 3650, I just take one of my tunes, play it with Quicktime, select the part of the song I want, export it as a .wav file, send it to my phone via bluetooth, save it, go to settings and voilá! my ringtone is the first 15 seconds of Monsters Inc.'s soundtrack