From ModMyiFone - Wiki
1. Create a folder called iPhone Ringtones
2. Open iTunes
3. Find song that you want to create to a Ringtone
4. Right click song and select GET INFO
5. Go to the OPTIONS tab
6. You will see two boxes one for START and one for STOP check both of those boxes.
7. In START box put where you would want the Ringtone to begin example- 0:01 or 1:25
8. In STOP box put the number that would make the Ringtone 29secs long total example- Start 0:25 End 0:54
9. Once you’ve done that and both boxes are checked click OK
10. Now right click the song you just edited and Convert to AAC
11. Once that’s done Drag the Converted AAC from iTunes which should be 29secs long to your iPhone Ringtone folder.
12. Now delete the converted AAC out of iTunes the. Don’t forget to go back to orginal song and uncheck those boxes. Right click go to GET INFO then OPTIONS and uncheck those boxes then ok.
13. Now in the folder you made it should say example- TNT.m4a. If it doesn’t then in the folder click on Tools and go to Folder Options then click on the View Tab. Scroll down and uncheck the box that has HIDE EXTENSIONS FOR KNOWN FILE TYPES then click apply. Now it should show the .m4a
14. Right click your audio file and click RENAME change the .m4a to m4r. Now it should look like this example- TNT.m4r with a white piece of paper with a CD and music note on it and should say in little letter ringtone.
15. Now just Double click the Ringtone and it should automatically show up in iTunes under your ringtones. Now just SYNC and enjoy.