I decided to do some searching today for free music ringtones for my new iphone. After viewing about a handful of sites I came across brinked.com which is a nice and clean ringtone community where users can create and share their tones. What I really liked about the site is the ability to create my own ringtone from any youtube video URL.
I just pasted the youtube URL into the creation utility and it downloaded the video and extracted the audio from it where I was then taken to an ajax like interface to customize the audio to fit my needs. This utility also supports fading in and out of the audio as well as allows for mp3, ogg and wav formats. The only negative is you are limited to a 30 second clip of the audio which should be more than enough. As far as free ringtones goes I have found a home in brinked.