Want your favorite song for your iPhone ringtone? It’s easy & free, at least for Mac users.
Start garage band & find the song you want in the song media browser on the right. Drag it into the editing window.
Listen to it & figure out the part of the song you want, I like to cut away the rest of the song so I know where to loop. Just select the point on the timeline (the red line will show you where you are at) & select edit/split. Now delete the end/beginning parts & drag the selected clip to the start of the timeline.
Select share/send ringtone to iTunes & you will see a box asking you to trim the length, select “adjust” & move the yellow loop slider to the end of your clip.
Select the share/send ringtone to iTunes again & voila, your ringtone is in iTunes.
Sync it to your iPhone & go to settings / sounds / ringtones & it will be at the top under “Custom”.
It’s just that easy.
Unless you have a PC, then...

