With the Sept. 2010 release of iTunes 10, Apple removed the ability to create custom ringtones from iTunes. This article applies only to versions earlier than 10. Ringtones may still be purchased via the iTunes Store app on iOS devices or made in sound editing programs.
Making iPhone ringtones using iTunes 7.4’s built-in ringtone editor is a fairly simple process. Here’s a step-by-step guide to making and buying ringtones.
Begin by turning on ringtones in iTunes. Next, review the songs you have that can be turned into ringtones. When you find a song you want, click the bell icon next to it.