I picked up PocketMac RingtoneStudio for Blackberry for $15 and was creating ringtones from my itune library in less than 10". Only problem is that you cannot edit the ringtone, fade in/out etc. There is a version for Windows as well.
Tried the Audacity route and could not get the Lame dll file to open without throwing another $40-$50 to buy a program to extract that file.
There are a couple ringtones I want, but I don't know how to make them.
HELP
You can always go to youtube and watch a tutorial on there about making ringtones. I did so for my father and sister's iphone and it was pretty simple. Audacity was one of the proggies used. It's simple though. The thing I find tough is deciding which part of the song I want and how to fade the song in and out.... if I choose to do so.