Just passing this along. This site is pretty cool – http://audiko.net/
You can download totally free ringtones for your iPhone (and other cellphones).
While there are a few other ways to get free ringtones for your iPhone, the Audiko site makes it extremely easy because the file is already in the correct format. So, all you have to do is download it, play it in iTunes once by double clicking on it and then sync your iPhone. The ringtone will then be available for use!
I’m not really a music ringtone person, but I did try a couple and it seems to work okay.
You can also buy ringtones from the iTunes Store but I think it’s stupid that even if you already own the song, you have to again purchase the ringtone and cannot make one from the song that you own from within iTunes.