iTunes 10 no longer has the tool that lets users create custom ringtones. Can't say we are very disappointed. The tool wasn't all the great, it cost 99-cents a ringtone and it seemed to have far too many limitations. Well, we are being nice…it stank.
Whatever their reasons, whether it was actually because the software was very limited, or because of some other idea from Cupertino, it's gone. Luckily, there is no need to worry, friends.
We have a far better solution. It's free, it lets you convert just about any file you want (even YouTube videos) into a ringtone. No software to install—it's all browser-based.
We go with Audiko, which we've written about several times in the past. So far, it's the best tool we've found for creating custom ringtones for the iPhone.
We even have a tutorial that tells you exactly how to create your own ringtones on the website: Here
Give it a shot (link), and you won't be disappointed at the loss of the iTunes ringtone maker.