Ringtones are now being officially supported from Apple, but why pay up to $1.98 when you can get the same result for free. Rogue Amoeba has just released MakeiPhoneRingtone that will allow iPhone users to easily create free ringtones on a Mac. This free utility will convert any AAC fie into a compatible ringtone, just drop the AAC file in the window and you are all done. MakeiPhoneRingtone does the conversion for you, simply sync your phone, set your ringtone and enjoy.
Let the ringtone creating begin, now if Apple would just let us also customize the text message and new mail message alerts.