The Naked Surfer found a great site where he can make ringtones from his favourite songs for his iPhone.

Just cut and share. Courtesy of Audiko
When the Naked Surfer owned a Nokia handphone he could easily transfer any song he liked from the (phone) music player, where he has downloaded half his iTunes library, and used it as the ringtone.
But when he bought the iPhone he discovered, to his dismay, he could not do that anymore. Instead he had to use the standard ringtones provided, which are rather boring, or buy ringtones from the iTunes store. And he could not do the latter, despite being willing to part with some cash for music as the iTunes store is not operational in his country.
Then he discovered a nifty website - Audiko - where he is able to create his own ringtones from songs in his iPod's music library within the iPhone. It just takes three hassle free steps to create a ringtone.
As Audiko says, “Just cut and share”. You can use the created ringtones for your phone or handheld device, on your blog or share with friends.
For those who prefer ready-made ringtones the site provides that too. The range is amazing, from songs of top artists to ringtones from video.
Check it out.
Have fun cutting,
The Naked Surfer