An application called iPhoneRing ToneMaker allows you to create your own ringtones from any MP3, WAV or OGG music file in your collection. The software automatically transfer the tones to iTunes or your iPhones. Apple makes you pay for ringtones, even if you already own the song. Not so with this software. The developer says the whole process takes only 30 seconds per tone. Best of all, you can supposedly do all of this without hacking or jailbreaking. Normally $19.95, the application is on sale now for $14.95.

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