I wanted to make my own crank ringtones and there are a couple of guides out there on how to do it, but none of them worked very well for me. I borrowed some directions I found on one site with crank movie ringtone and then deleted the stuff that didn't work and added my own directions. Here is a working guide on how to make crank ringtones that sound store bought. It looks like a really long process, and the first time it is, but after that it only takes a couple of minutes per tone and it saves you lots of money on downloading not free crank ringtones

Also you can read how to make a ringtone in my blog Cool free new ringtones
you want to have some music
Making Your Own crank Ringtones

Getting Started:
Download Audacity Program
Download WavePad Program

You cannot use songs you downloaded from iTunes to convert because it’s copyrighted media

Cropping your tune
The first step in creating your crank ringtone for free is to crop your mp3 to less than 30 seconds. I recommend less than 20 seconds, but it at the very least has to be less than 30sec.

Open Audacity.
1. Once Audacity is open and on your desktop, choose "Import Audio" from the "Project" menu at the top of the window.
You will see an Open File dialog box, browse to your favorite MP3, select it and then click Open.

2. Now you will see your song in it's visual form, a wavy/spikey blue coloring. From here you will want to select the part of the song which you would like to create your ringtone from.
IMPORTANT: you will need to make this less than 30 seconds. 15-20 seconds is best!

3. To select a part of your ringtone, choose the Selection Tool (it looks like a text entry cursor - like an uppercase I, it should be the top-left most button on the toolbar). Once you have the Selection Tool chosen, you can click and drag within the visual representation of your song to select it. At the top of the song you'll see numbers 0, 15, 30 - these are seconds markers, so you can easily see about how much of the song you have selected. You can play around at this point, zooming in, pressing play, etc. It's best to get just a bit before and just a bit after the portion of your song so that you can crop it more precisely later.

4. Once you have the selection, go to Edit > Trim (if it is greyed out, you have to hit the STOP button first, it's the SQUARE button in the play/record/etc... toolbar). You'll now notice that all you can see is the selection, the rest of the song is gone.

5. Now press the PLAY button and decide if you need to trim. Trimming is more advanced, but it's basically doing what I have mentioned above but you are trying to narrow your song clip down to exactly what you want


Making the audio crank OK for your phone
Now that you have a good section of your crank song, you are ready to run it through a few filters.

1. Choose Edit > Select All (if it is greyed out, you need to hit the STOP button first).

2. Choose Effect > Normalize - make sure both boxes are checked then click OK.

3. Choose Effect > High Pass Filter (towards the bottom of the list). Set Cutoff Frequency to 175 then click OK.

Your audio is now safe to play on your phone (the bass has been removed and the peaks have been toned down).

Checking your Audacity Settings
You should only have to do this the first time you use Audacity unless you install and reinstall it for some reason.

1. Now go to Edit > Preferences

2. In the Quality Tab: Make sure
Default Sample Rate is set to 8000 Hz
Default Sample Format is set to 16-bit

3. In the File Formats Tab: Make sure
Uncompressed Export Format is set to WAV (Microsoft 8 bit PCM)

4. Click OK

Exporting Your File to .wav Format

1. File > Export as Wav
Choose a place to save this wav file, give it a name, then hit SAVE.

2. You can now close Audacity.

Converting your WAV to a M4A file

1. Open WavePad..

2. Go to File-> Open and find the clip that you just saved

3. Once the file is open go to File -> Save File As.

4. Now you will choose a filename for your clip and under the “Save as Type” (this is the box below where you typed in your filename) you will select “MPEG-4 Audio (*.m4a) and then press save.

Thats all! Now you can make your Own Crank Ringtones for free, or less!

A word of caution, first: Apple doesn’t sanction these hacks, so if something goes wrong, chances are the Genius at your local Apple Store will be unsympathetic to your woes. Again, this hack worked just fine for me, but if this sort of thing makes you nervous, best leave your $499 mobile phone with its standard ringtones.

see more http://www.macworld.com/2007/07/secrets/iphone_ringtones/index.php