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I used to use traditional songs for my ringtone's, but i was starting to ruin the songs i would use. Music is a rather big deal to me, so hearing the first 30 seconds of a song i really like everytime i get a call, was starting to take its toll. Took me a little while to listen to "morning bell" by radiohead without having to think of my ringer.

I usually have it on vibrate, because of my work environment. But i use Ennio Morricone's "as a judgement". From the film once upon a time in the west

http://www.youtube.com/watch?v=FS2-CktchfM
 
DMX - Party Up

although it is the Clean version without Cursing, I do have both, just that it is not appropriate in case I am near children or people offended by it.
 
I like the Old Phone one for any calls from my wife. Otherwise, I customize certain people with specific ringtones.

The Old Phone ringtone is kinda cool with the iPhone.
 
So you know on Blackberries there's a text message tone called Lightspeed. Well I took that into Garage Band and made it into a loop. That's my ringtone.

Most people think it's annoying but there's something I really like about it. :)
 
For everyone that doesn't have a specific one:
The final prayer from Boondock Saints when they *Spolier in white* kill that mob boss in the courtroom.

"And shepards we shall be, for thee my lord for thee, etc."

For my girlfriend its "kiss me thru the phone."

:)
 
Currently set to Tokyo Drift.

I use iTunes to create custom ringtones or to convert other format files into m4r format (M4a files with a different extension) for free. The method works on windows as well.

i used that one for a while, but currently its "Ring-a-Ling" Black Eyed Peas. Use your method too. No need to buy when you can just make your own.
 
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