Point for point how-to – simple… if you don’t mind going places that Apple has not truly intended for you to go:
If that sounds like a minor inconvenience, for a lot of power phone users, it’s not. I know — I include myself in that group, and customizing ringtones is usually one of the first things I do when I get a phone.
— (Via Macworld: Secrets » Adding custom ringtones to your iPhone).

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