do exactly as i say and your good to go for a free ringtone! any comments or questions, just leave a comment and ill answer your questions soon enough!
**Also when you are dont cropping the song to the lenght you want it, and you got the ringtone, DONT FORGET TO UNCHECK THE PART OF THE SONG YOU WANTED UNDER THE SONGS GET INFO. if you do not uncheck it, and you want to listen to that song on the go, it will only play that part of the song you cropped as the ringtone! and im pretty sure you guys dont want to only listen to 30 seconds or so of the song, am i right? so, again, DO NOT FORGET TO UNCHECK THOSE 2 POINTS WHERE U CROPPED THE SONG! i was gonna make another video saying that but nobody whould watch it, and i like this one already.
This is the newest versions of iTunes and the iPhone. people say it wont work on the newest versions but it will! I have iTunes version 7.6.1 and it worked fine.
Hope this helps!
UPDATE** i recieved a comment saying that 7.6.2 is the current version now, and i am aware of that but i just said that it would work on 7.6.1 because it was the current version at the time. if itunes updates at all, then it should still work! so keep on trying it and it works for all current versions over time! thanks.
UPDATE this still works with itunes 7.7.1 and iphone version 2.0.2.
one small change tho, on version 2.0.2 and 7.7.1, instead of syncing your ring tones just drag it from the itunes ring tone library into the iphone, otherwise syncing will remove all music and video from the iPhone. Simple once you have done it once.
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iRinger creates and edits 
This is how you can make free ringtones for your iPhone use GarageBand ‘09 on you mac.