You may use iTunes to convert any MP3 song into an iPhone ringtone provided the song file is not protected by DRM. This means the technique won’t work with iTunes store music but is perfect for creating ringtones from songs that you purchased from Amazon store or ripped from a CD.
Choose the song that you want to convert to ringtone from the iTunes music library. (You can see the file type by “Right Clicking” on the title bar and check the “Kind” option)
Right click on the file and click on “Get Info”. On the options tab check the “Start Time” and “Stop Time” options and enter any start and end time not longer than 15 minutes. Click on “Ok” to apply the settings.
On the “Advanced” menu click on “Create AAC Version”. You will see a duplicate entry with the “Kind” as “AAC audio file”. Now drag and drop that to your desktop so that a copy is created. Now change the extension of the file from m4a to m4r and confirm the change. Now delete the AAC file entry from iTunes. This is important since iTunes doesn’t allow conversion if this file is not deleted. Now select the file from the desktop and drag it to the “Library”. You will see a new entry under “Library” called “Ringtones” where you can see the entry for the ringtone that you created.
Now click on your device (iPhone) under the devices list and click on ringtones tab and click on “Sync Ringtones” and select the ringtones that you want to sync! Bingo! The next time you sync your iPhone the ringtone will be copied to your phone!