You bought an iPhone and love all its features, but wish you didn't have to pay for your songs twice to get a ringtone. (We know that iPhone, iPhone 3G Ringtones use the file extension .M4R. And the users must pay $2 for a piece of song through Apple iTunes store). There are plenty of songs in your music library, but no way to make ringtones from any of them. Rihgt?
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How to Make Your Favorite iPhone Ringtones for Free - SoftwareForums.ORG