M4R
Step by step Guide:
Using AAC to M4R Converter to clip your favorite music as iPhone ringtone. This software supports directly let the ringtone files into iPhone without iTunes.
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Step1:Free download AAC to M4R Converter, launch and run it in your pc.

Step2:Click "PC to iPhone" button to select input audio files that you want to convert to m4r format, here you only can select one to convert by clicking "Add File" button.

Step3:You can set the clip music time by drug the time slider.
Step4:In the local output file option, Select a folder to store m4r files.
Step5:Click "Import" button to start aac to m4r conversion work.
Note:This aac to m4r converter not only supports convert audio format, but also supports convert almost all mainstream video/audio formats including AVI, MPEG, WMV, DivX, MP4, H.264/AVC, AVCHD, MKV, RM, MOV, XviD, 3GP, WMA, WAV, RA, M4A, MP3 to M4R iPhone ringtone.