This is actually very simple and is a 100% solution compared to everyone else. Following the directions below.
Things you need:
Disk Aid: Download from > http://www.digidna.net/diskaid/
Things you need to do first:
Open up a folder (MyComputer or My Documents) doesnt matter.
Click on TOOLS> FOLDER OPTIONS> VIEW> inside the window make sure you uncheck- "Hide extensions for known file types" > Click APPLY TO ALL FOLDERS button > Click OK..you can now close out of that folder
Now you can continue......Open iTunes....
1: Click the song in your iTune Music library you want to make a ringtone. (can not be a song purchased from iTunes)
2: Right-Click song file > GET INFO > OPTIONS TAB > then adjust start and stop time to desired length or part of song you want the ringtone to be. >click OK.
3: Now Right-Click on that same file and select CREATE AAC VERSION..(you will see a duplicate of that song file)
4: Drag and drop the duplicate file on your desktop. Then delete duplicate from your iTunes.
5: Right-Click the song you have on your desktop & select "RENAME"....(current extension should be ".m4a"....change that to .m4r) > then just hit the ENTER button on your keyboard.
------Continue doing this until you have all the ringtones you want on your desktop. Then move to Step 6 for putting them on your iphone.
6: Open Disk Aid...on bottom left of program a drop-down menu will say "Media Folder" on it. > Click that drop down and select "ROOT FOLDER"
(A prompt will come up, just ignore it and select OK)
7: Click through the following folders on left hand side--- Library> Ringtones.......(you will recognize all of the ringtones from your phone)
Final Step: Just drag and drop all of your custom ringtones on your desktop into the Ringtone screen on Disk Aid... and WAHLLAH!...check your iphone's ringotnes..
All of you custom ringtones should now be on yoru iphone under your ringtones....
Hope that helps.
Things you need:
Disk Aid: Download from > http://www.digidna.net/diskaid/
Things you need to do first:
Open up a folder (MyComputer or My Documents) doesnt matter.
Click on TOOLS> FOLDER OPTIONS> VIEW> inside the window make sure you uncheck- "Hide extensions for known file types" > Click APPLY TO ALL FOLDERS button > Click OK..you can now close out of that folder
Now you can continue......Open iTunes....
1: Click the song in your iTune Music library you want to make a ringtone. (can not be a song purchased from iTunes)
2: Right-Click song file > GET INFO > OPTIONS TAB > then adjust start and stop time to desired length or part of song you want the ringtone to be. >click OK.
3: Now Right-Click on that same file and select CREATE AAC VERSION..(you will see a duplicate of that song file)
4: Drag and drop the duplicate file on your desktop. Then delete duplicate from your iTunes.
5: Right-Click the song you have on your desktop & select "RENAME"....(current extension should be ".m4a"....change that to .m4r) > then just hit the ENTER button on your keyboard.
------Continue doing this until you have all the ringtones you want on your desktop. Then move to Step 6 for putting them on your iphone.
6: Open Disk Aid...on bottom left of program a drop-down menu will say "Media Folder" on it. > Click that drop down and select "ROOT FOLDER"
(A prompt will come up, just ignore it and select OK)
7: Click through the following folders on left hand side--- Library> Ringtones.......(you will recognize all of the ringtones from your phone)

Final Step: Just drag and drop all of your custom ringtones on your desktop into the Ringtone screen on Disk Aid... and WAHLLAH!...check your iphone's ringotnes..
All of you custom ringtones should now be on yoru iphone under your ringtones....
Hope that helps.