How to create custom ringtones for the iphone 3g/3gS using only Windows and itunes - free!

A short video showing you how to create your own custom ringtones for your iphone using only windows and itunes. Best of all it wont cost you a penny!
**Update: Still working with the latest version of iTunes and the 3gS**

Done using latest firmware (2.2) on a standard non-jailbroken iphone 3G!

I have no experience of MAC OS but it should be a similar process.