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Use the latest version of Garageband - 4.1.1 - Apple decided to quietly sneaked in the ability to make custom ringtones with Garageband for Mac OS X users

Start by opening Garageband

After From the Finder drag and drop an mp3 or m4a to the Garageband window



After click the Cycle button to bring up the adjust bar




Adjust the ringtone by dragging each end of the bar.

Once you are done adjusting the ringtone

Click on "Share" on the Menu bar

and click on "Send Ringtone to iTunes"


If your ringtone is less than 40 seconds, garageband will convert it into a ringtone and send it to itunes

•If it's more than 40 seconds then you might see this:


If you want Garageband to automatically adjust your ringtone to be less than 40 seconds then click the "Adjust" button if you want to manually adjust it yourself then click Cancel and re adjust your ringtone.

After Garageband is done converting it into a ringtone it'll go into itunes


From iTunes you can sync it to your iphone right away or edit the tags



After sync it to your iphone


When it done syncing go to the Settings on your iphone, tap on Sounds and tap on Ringtone



and your new ringtone should show up