I am very happy to report Apple has made importing ringtones to iTunes a much simpler (and less restrictive) affair. You can now export song snippets from iTunes or custom build ringtones right in GarageBand. This is great news for me since I do a lot of my own music and can think of nothing more narcissistic then waking up to my own composition.
I'm also thinking it would be fun to use some of the sound effects to make ringtones. I can think of one particular person who is just begging for a screaming monkeys ringtone on my phone.
I was going to write up a detailed explanation about how to do it but discovered this morning that lifehacker beat me to it.
This new system doesn't seem to help our Windows brethren but I doubt it will be long before there is a similar feature on that "other" operating system.