Ambrosia Software has upgraded their iToner software to a new version,which is compatible with Apple’s latest iPhone firmware. For those of you unfamiliar with the application, iToner basically lets you use MP3, AAC, WAV and AIF audio files to create custom ringtones and upload them to your iPhone for use as ringtones. The application, which costs $15 dollars, is a relative bargain when you consider the price Apple forces you to pay to convert songs you already own to a ringtone format. iToner has a neat iPhone-esque interface, but runs only on Macintosh computers. You can read more about the application after the link. Be sure to check out the article on iToner as well for more info.

Link- iToner
Wired article