Ringtone Maker by Zentertain Ltd. is just what you have been looking for.  Something that was becoming increasingly frustrating to me was the need to pay for a ringtone even if you had already purchased the entire song. Ringtone maker allows you to select any track in your iTunes library and customize it to create your own ringtone. Better yet, it’s free to download and use.

Read below to discover how to make custom ringtones for free with Ringtone Maker App for iPhone, iPad, and iPod Touch running iOS 4.0 or later.

Make Custom Ringtones With Ringtone Maker For iPhone, iPad & iPod Touch

Step 1. Download the Ringtone Maker App below:

Step 2. Once downloaded you can simply launch the app and select any song from your library.

Step 3. Then simply select up to 30 seconds from anywhere within that song, chose fade in and out options and save.  Voilà you have your ringtone, it will be sent to your iTunes and be under file sharing.

Step 4. Ensure your device is connected to your PC via the USB and open iTunes.

Step 5. Click on your device from within the left hand menu to open up your device information.

Step 6. Once open, select ‘Apps’ from the selection tabs across the top.

Step 7. Scroll down and you will find ‘File Sharing’ at the bottom of the page (if it does not appear, try syncing your iPhone with your iTunes), you should be able to see your Ringtone Maker App icon under the heading ‘Apps’.

Step 8. Select the ‘Ringtone Maker’ app icon and it will populate a list with all the ringtones you have made and saved. Now we need to save them to your device.

Step 9. To do this select/ highlight the ringtones you would like to save then scroll down to the bottom and click on ‘Save To…’. This will populate a list and allow you to save the files to various places. In the interest of keeping things simple, select ‘Desktop’.

Note: To select multiple ringtones simple hold down the ‘Shift/ command’ key whilst clicking on the files.

Step 10. Once they are saved to your desktop, move or restore down your iTunes window so that you can see the files on your desktop. Then simply highlight the files and drag them to your iTunes library.

Step 11. You will be able to see them if you click on the ‘Ringtone’ tab in your device information section of iTunes.

You can now save them to specific contacts for Text and ringtones as well as Tweets, Mail, Calenders, Alerts and Reminders.