I'm sure you've heard that Apple is offering
ringtones on iTunes for 99c. But if you want to save that, use
Audacity. It does the samething the iTunes editor does, although it will take some exploration of the controls to get used to it. In the long run you'll save hundreds.
Also, Sony BMG music plans to sell 'single'
CDs containing a hit song, a remix, and a ringtone for
$7, which I'm sure anyone can tell is doomed to flop.