The ringtones are .m4r
I use Techlogg.com Tone Shop to make mine. I just select the song I want (it can use any type of file, .m4a, .mp3, whatever) pick the point in the song where I want to start the ringtone, then pick the end point, and click convert!
Easy as that, and its free.
The problem with the method Razzy posted is that you cannot do that with any songs downloaded from iTunes. Plus it has a tone of steps. Tone shop can do it with purchased songs, and it a lot faster.
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