1. Import your desired track into iTunes.
2. CTRL/Right click the track and select "Create AAC version".
3. CTRL/Right click the newly created AAC version and select "Show in Finder" (Mac), or whatever the likely equivalent is on a PC…show file?
4. Go to the folder the AAC file is located in. It will be called songname.m4A. Rename the extension to m4r and move it to your desktop.
5. Go back to iTunes and delete the AAC version from your library.
6. Go to your desktop and double click the m4r file. It will be imported into iTunes as a ringtone.
7. Done.
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