Rogue Amoeba has updated its Fission audio editor
(http://www.rogueamoeba.com/fission/download.php) to version 1.6. The
upgrade has the ability to save iPhone ringtones, using almost any
audio file in any audio format supported by QuickTime. From MP3 to
MIDI and everywhere in-between, Fission lets users turn any audio
into a ringtone.

Users simply open their file in Fission, crop it down to the desired
portion of audio (40 seconds or fewer in length), then choose Save as
iPhone Ringtone. Fission passes the file off to iTunes with the
needed parameters to make the file a ringtone. Once iTunes has the
file, it’s ready for syncing with an iPhone.

Fission 1.6 also adds the ability to insert periods of silence into
files, useful for many different types of editing, as well a command
to specify the exact location of the playhead for audio playback and
adjustments. There are almost two dozen additional improvements and
bug fixes found in this release. Fission offers lossless editing of
MP3, AAC, Apple Lossless, and AIFF audio files

Version 1.6 is a free update for registered users. For new users the
cost is US$32. You can also purchase it in a bundle with Audio Hijack
Pro for $50. A demo is available a the Rogue Amoeba web site. Fission
requires Mac OS X 10.4 or higher.