Oh sheesh..I've made so many and deleted many more. I try to have a different ring for certain people or groups of people. Like my wife is Just like Paradise. My kids "tell me what you want", family is Journey/Styx, and friends are Pearl Jam.
I use a windows program called iPhone Ringtone maker. There's no renaming, moving, copying, or anything. I just load up the full mp3, mark the beginning and end of the ringtone and click a button. It creates the new ringtone, copies it into iTunes automatically.
Basically a turnkey ringtone maker. I enjoy it.