Free Ringtone Creation is a simple, easy to understand, step-by-step guide for iPhone and iPod Touch that enables any users to create ringtones from the songs or sound effects in their iTunes library. It requires no additional software; it uses the secrets kept on the iPhone.
The developer has also included some troubleshooting guides as well as some instructional videos for those who are textually challenged.
Free Ringtone Creation requires iPhone and iPod touch with iOS 4.0 or later.