Considering the limited selection of default iPhone ringtones and the fact that everyone has an iPhone, having your own original ringtone is a no-brainer.
Ringtone Designer Pro is a simple app which makes it easy to create your own custom ringtones using music from your iPhone’s music library.
Developed by Blackout Labs, Ringtone Designer Pro is easy to use – all you have to do is select a song and then choose a short clip that you’d like to use as your ringtone. The app also features the ability to create custom ringtones for everyone in your address book.
Ringtone Designer Pro is currently on sale for $0.99.
Ringtone Designer Pro [iTunes Link] is compatible with iPhone and iPod touch. Requires iOS 4.0 or later.