While Apple would prefer that you buy ringtone versions of music you've already purchased, you can still make ringtones for your iPhone using only iTunes and songs that don't have DRM (such as the ones you've ripped from your old CDs). Here's how:
- Open iTunes, right click (or Control + click) on a song, and select 'Get Info.'
- Under 'Options,' check the boxes beside 'Start Time' and 'Stop Time,' and under 'Stop Time,' change the duration to 0:30 (or less). Hit 'OK.'
- Right-click on the song again and select 'Create AAC version.' (If a format other than AAC comes up, go into 'iTunes Preferences/General/Import Settings.' Under 'Import Using,' select 'AAC.')
- Once the AAC version is created, drag it to your desktop, delete it from iTunes, and then change the file extension from .M4a to .M4r. Drag this file back into iTunes and you'll find it automatically placed in the 'Ringtones' section of your library. Delete the desktop version.
- Note: Don't forget to go back to the original song file and uncheck the 'Start' and 'Stop' times.