You can use your favorite music to create ringtones and text tones for free for your iPhone for up to 40 seconds in length for each. To begin with, open iTunes and select which song you would like to convert to a ring tone by right clicking on the song and choosing Get Info in order to access the song properties.
When you are in the song properties for the song you would like to convert into a ringtone or text tone for your iPhone choose the Options tab. From that point you can fill in the Start Time and Stop Time that you would like for your ringtone or text tone. It does need to be no longer than forty seconds though or iTunes will not recognize it as a tone. When you have set the start and stop times, click OK to confirm.
After you have clicked OK to confirm the start and stop time for your new ringtone or text tone for your iPhone, right click on the song and choose Create ACC Version. This will prompt iTunes to automatically extract your choice of the start and stop time you chose. When this is extracted, right click on that song and choose Show in Finder if you are using a MAC and Show in Folder if you are using Windows. When the finder or folder opens up you will be able to locate the song file you just created.
When you find the song, you will notice that it’s in a .m4a extension and you will want to change that to an .m4r extension for ringtones or text tones. For MAC users you will select Use .m4r when prompted. After you have done this, go back into iTunes and right click on the song you created and choose Delete. From that point choose Delete Song to confirm the deletion, and choose Keep File when you are prompted in order to delete the song but keep the file.
After you have deleted the song from your library, but kept the .m4r file, go back to finder or the folder and double click on the .m4r file. When you do this, the ringtone will automatically be added to the Tones library in iTunes. Then all you have to do is sync that to your iPhone and set it as your favorite new ringtone or text tone.