Create iPhone Ringtones with iRinger
iRinger is a freeware tool for iPhone that lets you create ringtones free ringtones for your iPhone from virtually any music or video file you own.
After creating ringtones, it will automatically export them to your iTunes so that you can transfer them to your phone. It even supports for converting YouTube videos into ringtones!
Features:
- Three Steps: Import, Preview then Export. Done.
- Convert virtually any audio format into an iPhone ringtone
- Extracts audio out of video
- Choose which section of the audio you want to hear
- Adjust ringtone length, volume, fade in, fade out and loop gap
- Export to iPhone ringtone format and import right into iTunes
- Export to iPhone using SCP/SFTP and skip using iTunes
- Use audio effects: Delay, Flanger, Boost, Reverse, etc.
It creates ringtones in seconds, and the best part is that it’s completely free to use and does not require a broken jailbroken iPhone 
Download:
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[...] the iRinger software, reviewed by Moin, that lets you make free custom iPhone [...]