You don't have to pay 99 cents for ringtones! You can make your own for free by using iTunes.
There are a few steps to accomplish this. It is tedious so be sure to follow each step for the best outcome. These steps unfortunately cannot be used with a song you purchased from iTunes, use any other MP3 file.
On your computer Go to Control Panel > Folder Options > View and make sure to Uncheck "Hide Extensions for Known File Type" and select "Ok"
Open iTunes > On iTunes select "Edit" > Preferences > Advanced > Check the box that says "Copy Files to iTunes Music Folder..." >then click "Ok"
Pick the song you want to make a ringtone.
Right click on the song > select "Get Info" > Options> Check the boxes that say "Start Time" and "Stop Time" > In the adjacent box select the time you want your ringtone to start and the time you want it to stop. Example: Start Time 1:30 Stop Time 1:45
(Your ringtone cannot be longer than 30 seconds or it won't work)
Click OK.
Play it to make sure the timing is correct.
Right click on the song and select "Convert to ACC" or "Create ACC Version" (it will make a copy)
Drag the copy to your desktop. Right click on the icon and rename ".M4A to .M4R" By changing it to .M4R, it makes it a ringtone.
Delete the copy in iTunes (the one that is 30 seconds or less).
Go to the icon on your desktop, double click it and it will automatically play in iTunes under "Ringtones"
Hook up your iPhone, Sync and there you go, your own personal ringtone.
P.S. Make sure to go back to the original song in you Library and right click> Get Info> Options> and uncheck the Start Time and Stop Time boxes. That way your whole song will play. It will not mess up the Ringtone you made.