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Creating ring tones for your iPhone from your existing mp3 library is fairly simple and easy to do.  All you need is a program to edit the song to 30 seconds or less (I use Audacity ) and a program to convert mp3 to m4a (I use Tunebite).

First open up Audacity and drag/drop in the mp3 file you want to use:

Now simply select the 30 second piece you want to use as the ring tone and delete the rest.

Select FILE and then EXPORT as mp3.  I usually just save it to the Desktop so it is easy to find.

Once this is done you can close Audacity.  Now open up Tunebite and drag and drop the mp3 into the middle box.

At the top where it says “Convert audio to:” you should select M4A.  Now hit start.  It should only take a second or two to complete.  Once it is done you can close out of Tunebite.

By default the new file is save in My Documents\Tunebite.  Go there, right clicko nthe file and select rename.

Change the file extension to m4r instead of m4a.  You will get a pop up that asks if you are sure, select Yes.

The final step is to drag or copy/paste this new file into the ring tones folder in iTunes.  The next time you synch your iPhone the song will appear in the available ring tones.

And that’s all there is to it.