Apple is trying its best to make sure the iTunes software can checkout all the loopholes the hackers use to convert iphone ringtones but there quite a few options left out for people who are still looking to convert their Mp3 songs to different formats which can be used in the iPhones. Now you dont have to pay iTunes for buying a song 1$ and converting it to iPhones format 1$ which sums upto 2$/ringtone created.

Check out IWFR.Net - I Want Free RingTones Online Tool

Apple iPhone Ringtones are of M4R format, which means that you need tools which would convert your Mp3 songs into M4R format. This Online ringtone converter would convert your Mp3 songs to the following formats :

QCP (Lo-Fi Ringtone)
MP3 (Lo-Fi Ringtone)
M4A (Hi-Fi Ringtone)
M4R (iPhone Ringtone)
MP3 (Hi-Fi Ringtone)

The process is very easy, where in you just need to select the Mp3 file from your local computer and upload using the upload feature. You can later modify the sliders to select the desired section of the audio file instead of converting the whole file. You can adjust the volume of the output file by increasing and decreasing it. Once you complete the procedure you get the iPhone Ringtone ready for download.

Now you dont need any software to download/install for converting Mp3 songs to Apple iPhone M4R format and you dont need to pay iTunes for making these conversions.