iRinger creates free ringtones for your iPhone from virtually any music or video file you own. Even YouTube videos! iRinger exports ringtones to iTunes, so there is no need to "jailbreak" your iPhone. You will be creating ringtones in seconds. It's that simple. Here is a video tutorial:
Feature:
FREE
Three Steps: Import, Preview then Export. Done.
Convert virtually any audio format into an iPhone ringtone
Extracts audio out of video
Choose which section of the audio you want to hear
Adjust ringtone length,volume, fade in, fade out and loop gap
Export to iPhone ringtone format and import right into iTunes
Export to iPhone using SCP/SFTP and skip using iTunes
Use audio effects: Delay, Flanger, Boost, Reverse, etc.
Runs on all versions of Microsoft Windows including Windows Vista
Requires iPhone firmware 1.1.2 or newer, iTunes software 7.5 or newer