Yea, it is a great program

Like I said once you learn it, you can make ringtones in about 30 seconds. I will write up a tutorial and include it below. Good luck and any questions feel free to ask in here.
I have added a video supplement to this post:
Video Supplement:
http://www.youtube.com/v/1QN9FJYWIdY&rel=1Download link:http://audacity.sourceforge.net/Quick tutorial:
1.)Drag file to Audacity to import it.
2.)Split the stereo track:
Click for full size3.)Cut it down to 1 channel. Because your phone only has 1 speaker and is mono.
Click for full size4.)Set it to mono, again, you only have 1 speaker.
Click for full size5.)Make your selection, just like you are highlighting text. You can listen to your selection by hitting play, and it will only play your selection. You can click and drag either end of your selection to add or subtract to or from it.
Click for full size6.)Turn up the gain if you would like.
Click for full size7.)Export selection
Click for full size8.)Name it and select MP3. The default MP3 options should be fine for you, but if you know what you are doing feel free to tweak them. Then click save.
Click for full size9.)
To get it onto your phone, transfer it to the ringtone folder via USB Mode OR open the ringtone in iTunes and have your pre sync with iTunes.
Those are the only ways as far as we know.
Enjoy!