iRinger creates free ringtones for your iPhone from virtually any music or video file you own. Even YouTube videos! iRinger exports ringtones to iTunes, so there is no need to "jailbreak" your iPhone. You will be creating ringtones in seconds. It's that simple.

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Features:
* FREE.
* Three Steps: Import, Preview then Export. Done.
* Convert virtually any audio format into an iPhone ringtone
* Extracts audio out of video
* Choose which section of the audio you want to hear
* Adjust ringtone length, volume, fade in, fade out and loop gap
* Export to iPhone ringtone format and import right into iTunes
* Export to iPhone using SCP/SFTP and skip using iTunes
* Use audio effects: Delay, Flanger, Boost, Reverse, etc.

Click here for more information.

Also, if you're looking for software that can record mp3's to use for your ringtones, or even VIDEOS that you can extract the audio from, check out Replay Media Catcher. It's not free, but it's a great program with amazing recording capabilities.