Trick for turning any track into an iPhone ringtone and syncing it from iTunes
UPDATE: The below method is broken under iTunes 7.4.1, but there is a slightly more involved process that does work under iTunes 7.4.1.
---Though this capability might well be removed in a future version of iTunes, it's currently possible to turn any MP3 or AAC file into an iTunes ringtone file that can be synchronized with the iPhone. You'll miss out on the editing features built into the iTunes ringtone tool, but you also won't have to pay anything extra for the tracks, nor will you have to use any third-party ringtone … Read more