Apple added iPhone ringtones to iTunes late last year, but only if you purchased them. After struggling against users for some time, Apple finally started allowing non-DRM'd ringtones in iTunes. This decision spawned quite a few solutions for creating ringtones from songs that you already have. One of the lesser known methods is using iTunes itself.
The method is a bit tedious the first time through, but CNET's Bryan Thomas has come to the rescue with this nice step-by-step video.
