IF you have purchased any song from iTunes, then iTunes is capable of making ringtones from your bought music.
Steps to create them:
- In iTunes library, find the song you wish to create a ringtone from.
- Right click on the song and choose ‘Create Ringtone…‘
- Sync your phone and it will appear as a new ringtone.
This only works if the songs came from iTunes, not songs which you have put in your library from other sources.
[UPDATE]- September 30th, 2009
It appears as of the latest release of iTunes (126.96.36.199) this above method is no longer free. The ability is there but after choosing Create Ringtone…‘ there is one addition step. Click on the ‘Buy’ button.