Create Free iPhone Ringtones Using Only iTunes

Apple added iPhone ringtones to iTunes late last year, but only if you purchased them. After struggling against users for some time, Apple finally started allowing non-DRM'd ringtones in iTunes. This decision spawned quite a few solutions for creating ringtones from songs that you already have. One of the lesser known methods is using iTunes itself.
The method is a bit tedious the first time through, but CNET's Bryan Thomas has come to the rescue with this nice step-by-step video.
There are a few things to remember when creating ringtones in this way. First of all, any tracks that you bought from iTunes with DRM on them will not work. If you purchased iTunes plus songs, then you should be fine. Additionally, if your ringtone is more than 40 seconds long, iTunes won't accept it.
If you need any help, be sure to ask in the comments below!