The best way to make ringtone out of your song is with iTunes. The second best way........Is to be jailbroken and install AnyRing, which allows you to make ringtone via the iPod library and just put them in Settings> Sounds rite on your device. The 3rd best way, is to use an App Store application. Using an App Store application is probably the easiest (not best) way to make ringtones on a atock iPhone.
I'll show you how with an AppStore application
You can buy an AppStore application that allows you to make ringtone from your iPod library. You just cannot use them rite away like you can with a jailbroken iPhone. You have to transfer them first via iTunes File Sharing...........which is simple enough in itself.
The ringtone maker I like to use is called "Ringtone Architect". It works well. Tho I have tried others, and only a couple of them i did not like. They all do pretty much the same thing.
Making ringtones within the app is self explanatory.
This is how you use those ringtones (all of the ringtone makers ringtones are transferred the same way)
Once you have created a ringtone with your application of choice, plug in your iPhone and open iTunes.
Now click on your device's name in the left side of the iTunes window.
Now in the top of iTunes window click "Apps".
Now scroll down to "File Sharing"
Your ringtone app will be located in the list of the File Sharing apps.
Click on the ringtone app.
Now it's contents will be displayed.
Minimize iTunes and drag those ringtones to your desktop.
Now drag them to your iTunes library.
They will now show up in the "Tones" section of iTunes.
Simply drag and drop the tones to your iPhone or just sync the tones. However you wish to do it.
Like I said............It is very simple after the first try.
