- Ringtone Maker Pro ($0.99, app2.me/3686) lets you convert songs to ringtones. Copyright-protected songs will not work.
- Ringtone Recorder ($0.99, app2.me/3687) lets you record your own ringtones using the built-in microphone.
- AutoRingtone Pro ($0.99, app2.me/2886) lets you create custom ringtones with text-to-speech. (Full disclosure: This last app is one I created.)
If musical ringtones are your thing, keep in mind that apps and programs may not be able to convert copyright-protected music purchased through iTunes. For that you will need to purchase a ringtone directly from iTunes, understanding that you are essentially paying twice for the same song (actually a 30 second subset of that song at that). Also, if you want to change the portion of the song that you use as a ringtone, you have to pay each time.