So I bought a few ringtones in my day. Yes, I paid twice for a song just to hear it play when the GF called. So what... but deep down I knew there was a way to play them for free. Especially since I didn't buy most of my music. Good news, eHow.com has an easy how-to process that works like a charm. Enjoy!
"Actually, with a little bit of trickery (nothing illegal) you can create ringtones from any one of your non-DRM songs in your iTunes library easily and for free." -- eHow.com