Free Via iTunes

 - Sep 8, 2007   Updated: Apr 11 2011
References: forums.macrumors
Apple can't "officially" offer this function for existing tracks from your iTunes library, but do not despair! A smart dude found a way to do just that; now getting a ringtone in your iPhone is very easy thanks to the uber-geek's hack! It's only a matter of changing an extension. Follow the link.

"I dig it and I don't have an iPhone. I did find it hilarious that it was supposed to be a good thing that you can't just use your very own MP3s as ringtones. Even that can happen on a cheap free phone half the time. But wait, there's more. Apple, as always adds a reason for deeming it necessary to pay for something that should be free. That is you can edit the ringtone yourself.
Well that was close:good thing there was an edit feature otherwise it'd be lame to have to pay."

Implications - The DIY modification of devices is just as popular as purchasing them in today's tech-savvy market. Companies would be wise to embrace these modifications as a natural consumer urge to personalize products.