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Gizmodo has a list of eight ways you can load custom ringtones onto your iPhone (including the one previously mentioned).

So go now! And unleash the fury of your music library upon the world one phone call at a time!

(Gizmodo)

Don’t want to wait for Apple to release the ringtone feature in iTunes? Well, since my birthday just passed, I’m feeling extremely generous. Just follow these four easy steps and you can make your own:

• Convert the desired audio clip to ACC (.m4a) format
• Rename the file extension to .m4r
• Drag the new file into iTunes
• Go to the iPhone tab for Ringtones and sync to load the new ringtones

To remove (since you may notice that the sound clips cannot be found in iTunes) simply go to Music/iTunes Music/Ringtones and delete the unwanted ringtone.

UPDATE:
The above only works for iTunes 7.4. In the latest version 7.4.1 you will get an error. Fix this, rename that clip back to .m4a and you should be able to sync the ringtone again (via Engadget).

Enjoy!

-Mark

Apple hosted “The Beat Goes On” on September 5th to annouce an entire line refresh that spruced up the entire iPod family and even added a new memeber, the iPod Touch. Beside the addition of the iPhone-without-the-phone iPod Touch the other truly new addition was the iPod Nano, which got an entirely new form factor. Fore more details visit Apple.com