you only need iTunes.

1. Find your file in iTunes. Right click and “Get Info”; Under the “Options” tab check the boxes “start” and “stop”. In those boxes put the start time you want your ringtone to begin and in the stop box add 30-40 seconds to the start time you chose. Now hit “OK” so the “Get Info” window closes.
2. Right click the file and choose “Convert file to ACC”
3. Right click the converted file and choose “Show in Finder” (or whatever the option is for Windows users. Sorry I don’t know, because I never used iTunes in windows).
4.Right click the file and finder and “Duplicate” it.
5.Rename the file what you want it to be named and rename the file extension to .m4r. When you do this it will ask if you are sure, select yes.
6. You can now delete the original coverted to ACC (.m4a file extension) so you don’t have duplicates in your library.
7. Double click the new .m4r (your new ringtone) and it will be added to “ringtones” in iTunes and you can sync it on over to your iPhone.

It sounds like a lot but once you do a couple you will find it is a lot easier then the garageband and iTunes (or using Logic Studio as I did when i very first started, it had it’s benefits because I could control the sound and volume, and well in a nuteshell….everything. However it took to long.)