This is how I make ring tones from my itunes library.
Making Ring tones for your Iphone
(Will work on unprotected songs)
1. Go to Control Panel / Folder options / View tabs / Make sure that the Hide Extension box is not checked.
2. Pick your song to be made into a ring tone from your music library, right click on it, choose ring tones box opens saying it cant be made into a ring tone, click ok (just to show you that it can be done)
3. Right click on selected song and pick Get Info go to the options tab and make sure that the start and stop boxs are check, A ring tone can only be 40 seconds long, start the song anywhere you want to in the start box and stop it at 40 seconds or less in the stop box. Click ok when you have decided.
4. Go back to song in itunes library and right click on it choose convert selection to AAC
5. Song will show up in itune library at 40 sec or less. Next to original song, song will start playing in itunes so just pause it.
6. Select 40 sec version and right click on it, select show in windows explorer
7. Go back to 40 second version song in itunes library and select it and right click, choose delete, pop up window comes up, select keep file
8. Go back to windows explorer select your song and click on title so that you can change the name of it, Change only the file name from m4a to m4r pop up window comes up saying file will be unstable, click ok
9. Close window explorer, go back to itunes library and right click on song to reopen windows explorer, select your song and drag it to your itune music library. Go to ring tones in itunes, and select your song, double click on the little arrow next to the title, Itunes store will be accessed, song should now be in your ring tones
10. Make sure that song is checked so that when you sync your iphone it will be synced to your iphone, Your finished..!!