Ringtones for your iPhone, on the cheap

Fun, fun, and more fun! Apple released an update to GarageBand today that allows you to create custom ringtones for your iPhone. Now, you can have the exact ringtone you want, from any song you want, for free.

Apple's instructions try very hard to leave the impression that this is designed for music you've created yourself, but the fact is you can drop any MP3 into Garageband, pick the excerpt you want, and then click a single menu item - Send Ringtone to iTunes. It couldn't be any easier (note: songs you've purchased from iTunes won't work). Now you know what I'll be doing late into the night - deciding which song best matches which friend!

Here's lifehacker's step-by-step instructions.