You don't need fancy software to make your own ringtones from your music collection. All you need is to follow a simple few steps directly from iTunes. If you know how to "right-click" as well as rename files, or have any technical proficiency whatsoever, then you should have no problem with this.
Here are those steps:
1. Pick a song.
2. "Get Info"
3. Change length ("options") to a shorter "ringtone" length
4. Create AAC version of the song (exports shorter length track).
5. Reset the length from the original song.
6. Drag the new AAC over to the desktop.
7. Delete the new AAC version from iTunes.
8. Rename the file extension from .m4a to m4r
9. Drag .m4r file back into iTunes.
Guess what? It's a ring tone.