How to make iPhone ringtones on Mac for free?

Read my break down below on how to make a custom iPhone ringtone, totally free, using JUST iTunes 9.2.1.

1. Find an MP3 (not AAC or anything with DRM [i.e. not bought, except Amazon])
2. Right click on the MP3 and choose ‘Get Info' and select ‘Options'
3. Set the start and stop time to your favorite part of the song. You'll want it to be no more than 20 seconds in length
4. Click ‘ok'
5. Right click on the song again, this time choose ‘Create AAC Version'
6. Drag the newly made AAC file from iTunes to your desktop
7. Delete the newly made AAC file from iTunes (it won't work if you have duplicates)
8. Change the name of the extension (the file on your desktop) from ‘m4a' to ‘m4r'
9. Now drag the file, with the new extension, back into your iTunes Library. It should appear in your ringtones section.
10.Sync your iphone. :)

If you want to make iPhone ringtones from DVD or videos, you need use software to extract audio from DVD or videos to MP3 first. iMedia Converter can help you to extract audio from DVD and videos to MP3. Then you can use iTunes to make iPhone Ringtones.