Sorry if this has been said already or is obvious. But I'm in school at the moment. And I was checking my RSS through net news wire 
and I was reading that itoner is updated so people can make custom ringtones around the iTunes restrictions. But I've noticed something a while ago that if u have garage band(mac users) and you drag an audio file there and cut it down to what you want. Then one of the tabs(I can't remember which since I'm in school) but it say send ringtone to iTunes. Click that then look at your your iTunes under ringtones and it's there. Just sync your iPhone.
and I was reading that itoner is updated so people can make custom ringtones around the iTunes restrictions. But I've noticed something a while ago that if u have garage band(mac users) and you drag an audio file there and cut it down to what you want. Then one of the tabs(I can't remember which since I'm in school) but it say send ringtone to iTunes. Click that then look at your your iTunes under ringtones and it's there. Just sync your iPhone.