Earlier today, Apple announced ringtones for the iPhone, by way of a new version of iTunes. This will all happen by using a new Ringtone Composer that is built in to the new version of iTunes. You will find a new bell icon next to any purchased songs that are “eligible” to be turned into a ringtone, and will be able to choose any 30 second (or less) portion of that song to use as a ringtone. You have to own the song, and then when you want to buy your ringtone, that will cost you another $.99. $1.98 buys you both the song and the ringtone, which is completely unnecessary, what with program like iBrickr, iFuntastic, and others, that allow you to use any track in your iTunes library as a ringtone - for free.

Still, for those who are uncomfortable modifying their iPhone in any way, here is your chance at expanding your ringtone library.