Free Ringtone Designer on iTunes! Create Unlimited Ringtones, Text Tones, Email Alerts, and More!

Ringtone Designer allows you to create unlimited custom ringtones, 
text tones, and alerts using songs in your iPhone's music library. 
Use the awesome interface to adjust your ringtone length. 
Then swipe the audio wave to select a short clip, and your ringtone is ready. 
Hit the save button on the bottom right corner and connect to iTunes.
(The app offers a video with step by step instructions)
Sync the ringtone from your apps on iTunes and done!
Create custom ringtones and text tones for everyone in your address book.
I really like this app. Once you get done making one, you can't stop.
I created one for just about everything on my iPhone. 
You will save tons of money with this app.