Hey drnvnt, I used to use an app to select portions of mp3 songs, save them to my computer, inport into itunes, then sync to have them on your phone. Ugh...why Apple makes it so hard to do this I just don't know. BUT...I used to have an Android and the app Zedge. It has photos and tons of ring-tones, text-tones, notification-tones, etc... Zedge is now available for Apple and rocks. Zedge even created another app that you will have to download in conjuction with the app itself that automatically saves every tone you download directly to itunes, so you don't have to go through that lengthy process.
Let's face it, I would make my own ring-tones so seldom, that I had to relearn how to save ring-tones on Apple every time I did it. Zedge makes it simple. Once you have the app on your phone and the app on your computer, all you do is download a tone on your phone and then sync your phone with your computer and it automatically does it. Check it out.
I wish that Apple would make it so you can download a tone and then instantly use it, like Android, but this is as close to that as we may ever get.
Hope this helps...