It is complicated, but iLife does make it easy, it is just ten steps with Garageband:
- Create new project called a ringtone
- Then drag in an MP3
- Move the yellow slider on top
- Then choose Share/Export Ringtone to iTunes
- You then get a nice M3R 🙂
Another great usage is to extract audio (say from a band concert to add to a movie). Again, Garageband comes to the rescue
I use Garage Band to extract audio from .mov and .mp4 video files (Leopard and iLife 08).
1.) Drag video into Garage Band
2.) Delete video track
3.) Share/Export MP3 audio to desktop
4.) Drag into itunes or ipod