Efiko Software has released an iPhone ringtone generator. Effectively it takes an .mp3 file (not .aac as of yet) and chops it into a usable ringtone for the iPhone. Rather than having to pay for each ringtone you can simply use this to generate your own for a one-time fee of $9.95 (US).
Right now the only downside is that the software works on PCs and not Macs but that is apparently being remedied currently.
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