I'm not tech savy and this link may be old, but it was forwarded to me and I found it very easy to use to create ringtones from music I ripped from my CD's. So I thought I'd share it.

Unfortunately I'm new to these forums so I don't have enough posts to paste the link. So I copied the directions and pasted them below.

To create simple, free iPhone ringtones from your iTunes library, follow these steps:

Note: This process works with MP3, ACC, and AIFF files.
Note: Only DRM-free songs can be used with this ringtone creation process.
Any song downloaded from iTunes Music Store will have DRM (Digital Rights Management), so don’t use those songs.
Any song ripped from a CD or downloaded from DRM-free sources (P2P, Amazon, your friend) will work just fine.
Fire up iTunes 8
Find the song you’d like to turn in to a ringtone
Select the song you want to use as your iPhone ringtone

Right click on the song
Select “Get Info”
Hit the “Options” tab
Check both the “Start Time” and “End Time” boxes

Customize the start and end times for your ringtone clip

Specify what time interval you’d like to use as your ringtone clip (Make sure your ringtone is 30 seconds or less!!)
Click “OK”
Make sure the song you want is still highlighted
Click on “Advanced” in your menu bar
Select “Create AAC Version” or “Create Apple (NSDQ: AAPL) Lossless Version” (Make sure your iTunes “Import Settings” are set to “AAC” or “Apple Lossless” and not “MP3″)

You want to create a duplicate song file with the customized playing time

A duplicate copy of your song will appear in iTunes – this new song will have the same filename but shorter “Time”
Go back to the original song and uncheck those “Start Time” and “End Time” boxes

See the duplicate song underneath the original song?

Drag the duplicate song to your Desktop

Duplicate song file on Desktop

Once the duplicate song is copied to your Desktop, delete the duplicate file in iTunes

Notice that the duplicate song file is gone - deleted

On your Desktop, rename the file with the “.m4r” file extension – Use the new extension
This turns your song file into an iPhone ringtone file

Use the new filename extension

The .m4r file is now a ringtone file

Your “songname.m4a” file should now be named “songname.m4r”
Drag the newly renamed .m4r (songname.m4r) file back into iTunes
Drag the file over the “Library” column and release when “Library” becomes highlighted
You have to delete the duplicate song file (Step 12) otherwise iTunes won’t import your new .m4r file
You should see your new ringtone under “Ringtones” in iTunes
Sync your iPhone to get jiggy with your new iPhone ringtones!