I came across www.mobil17.com. I have it set up where i get the file emailed to me so I can just bluetooth it. It's completely free unless you don't wanna wait for it. If you dont feel like waiting you can make a small donation to their site and you'll get it immediately.
I just uploaded an mp3, put in where I want the ringtone to start, and selected how long I want it to be.
My example:
Juno Reactor - Masters of the Universe
start at 28 seconds.
Length: 20 seconds.
Then it puts it all through and I just received an email with the file.
You can set it up to message it to your phone as well.
And I recommend making a donation. Being that this is something just about any person with a cell phone wants. Why pay money for tones?! I use Itunes  sometimes but mostly pirate my tracks. When I used itunes to download songs I had to convert them but I just burned them to a CDRW and ripped them with intunes so they're not in M4p format. On itunes I bought the track in my example and it has an option for making it into a ringtone. My only problem is that I paid for the track now I have to pay to have a tone ripped from the track? That's a bit questionable to me. Grin
Enjoy!    

Believe me, I understand the allure of free ringtones but going through all that can be a hassle especially if you download tones often. I tend to just by them from some reputable vendors, like
SendMe Mobile http://www.sendmemobile.com Yeah, they cost about $4, but SendMe is reputable and uses a doulb opt-in process -  No Ripoffs. It's just less hassle and more enjoyment.

If you plan to create your MP3 ringtones from a CD, rip the song you want as a WAV (Windows) or an AIFF file (Mac). It's a good idea to specify a new ripping location, too, so the ripped song wont be mixed up with the rest of your collection. But if you're creating your ringtones from an MP3 song, you may want to copy that MP3 song into a new folder so that when we edit the MP3 the audio-editing software won't messed up your original MP3 song.
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