Create ringtone in iTunes
Can be challenging due to TOS. Discussion forum thread solves the problem
1. open iTunes and log in
2. go to the store and choose account
3. click on reset warnings
4. locate a song you've already purchased that has the bell symbol indicating the ringtone option and click buy.
5. a pop up box will ask you if you want to purchase - choose yes
6. TOS will pop up - scroll to the bottom put a check mark by accept and proceed.
http://discussions.apple.com/thread.jspa?threadID=1342853&tstart=0
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