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Apple doesn't make it especially easy to convert tracks from your own iTunes music connection into ringtones, but you can do it for free using your computer and iTunes.
To make a custom ringtone for an iPhone, you'll need to edit a song using iTunes on the computer. You can tweak the start and stop time, save it as an AAC file, and change the file extension.
Song - Tones - Section - ITunes - IPhone
You can then drag the edited song to the Tones section of iTunes and sync it with your iPhone using a connection cable.
It doesn't take long to get tired of the handful of ringtones that come with your iPhone. If you'd rather hear a song when you have an incoming call, Apple would like you to pay a dollar or more per ringtone in the Tones store.
Money - Ringtones - Music - ITunes - Library
But save your money; you can create your own ringtones using music you already own in your iTunes library.
Admittedly, the process is a bit convoluted — Apple didn't make it super easy to use your own tones — and you will need to use iTunes on your computer. But it's free and lets you convert any part of any song you own into a ringtone.
Steps - ITunes - PC - Process - Mac
The below steps are specifically illustrated for iTunes on a PC, but you'll use essentially the same process on a Mac computer.
1. Start iTunes on your computer.
Song - Snippet - Track - Ringtone - Seconds
2. Find the song that you'd like to use and decide what 30-second snippet of the track you want to make your ringtone. It can be the first 30 seconds of the song, the last, or anywhere else within the track. Note the start and stop time — this will come in handy shortly.
3. Right-click the song and click Song Info, then click the "Options" tab at the top of the dialog box.
Start - Times
4. Change the "start" and "stop" times...
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