Apple is gonna start selling Ringtones for the iPhone, obviously. Costing an additional $0.99 on-top of the price you paid for a full song. A song plus the option to make a custom ringtone totals $1.98. Custom ringtone maker built into iTunes.
With the in-built ringtone maker – you can edit a song by ways of cutting and applying fades all within iTunes itself before syncing and transferring it into your iPhone.

You will need the new version of iTunes available later today for this and service will start next week. Built-in features include the ability to assign each ringtone to any contact of your choice.
I’m not a big fan of this feature. Such tasks can be accomplished easily with some softwares available on the net for free. Again, if iTunes is not available in your country – this feature is not for you in the first place.
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