I tried following the many tutorials on youtube to make ringtones. I have a new 3G and have itunes 8. Problem is there is no "Ringtones" folder to drop the file into in my itunes. In all the tutorials I see the folder in the upper left portion of the screen. I do not have this folder present.
You won't have a ringtones folder in iTunes if you don't have any ringtones. Just drag and drop the .m4r file into iTunes and it should create the ringtone folder
To make ring-tones
take a mp3 in itunes and get info and make it 30 sec file or smaller
set settings to convert files to aac
select file and convert from drop-down menu advance
in itunes go to show file in finder or just search for that same file
change it from mpa (a for audio) to mpr (r for ring)
remove number from file prefix such as track number 05
drag it from folder with option key held down, to desktop
select ring-tones from the left column in itunes and drop it in window
synch on iphone
this method worked on itunes 8.1.1