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Your iPhone comes with a collection of ringtones. You can find them at Settings > Sound > Ringtone. If you want, you can add your own ringtones to the list either by purchasing them or by creating them in GarageBand or a third-party utility. I look at various options for acquiring ringtones next, and then I discuss how to sync them.
With eligible songs that you purchase from the iTunes Store, you can create ringtones
directly in iTunes. Unfortunately, starting with the release of iTunes 9, there is no
longer any way to tell which songs in the Store are eligible (explained in more detail
here: http://www.macobserver.com/tmo/article/apple_adds_confusion_to_ringtone_purchases). Eligible songs already in your iTunes Library will have a bell icon
(
) in the Ringtone column. To create a ringtone from these songs,
choose Store > Create Ringtone. Follow the prompts to pay for ($.99) and then edit
the ringtone length and segment. If you select an ineligible song, you will get an error
message. For more info, see the Apple article at http://support.apple.com/kb/HT1693.