Add Custom Ringtones to your iPhone with iTunes 7.4 for FREE. Seriously?

So we all know that you will soon be able to add custom ringtones to your iPhone with iTunes 7.4, not to forget the additional cost of 99c for a song if you already have it and in case you don't then the cost of adding a ringtone will be $1.98.
What if I tell you that with a simple hack you could add ringtones using iTunes free of cost? Yes, you pay Apple 0c thanks to one of the readers at Macrumors who has figured out a way to convert music files to ringtones in iTunes 7.4. 
So how does it work? It is based on the fact that iTunes differentiates a song file and a ringtone by the file extension. While we all knew that the song file extension was AAC; the file extension for Ringtones is "M4R". So with that info I am sure the step by step from Macrumors which you are about to read is a no-brainer. Here is all you need to do:

For Windows and Mac:

1. To add a ringtone to your iPhone, using Windows Explorer or Finder just duplicate and rename any AAC file with a "M4R" extension, then double-click on it. This file will be added to your iTunes library automatically.





2. Now, click on your iPhone in iTunes, and go to the ringtone section. You should now see your new ringtone. If you want to be sure about the sync, feel free to click "selected ringtones" and check off the file explicitly, though this shouldn't be required.



3. Now SYNC your phone. You're Done!

Sweet! This is easily the simplest iPhone hack we have seen so far. However, before you go off converting your music library to ringtones; there is a warning: it seems that some people had trouble deleting the ringtones once they are synced to the iPhone, so it would be prudent to be careful.
It is definitely a bug which Apple will fix by the time the feature will be turned on next week or maybe even earlier.
Thanks Eduardo for the tip!
Enjoy the hack till the bug is not fixed;
hacks that are available to add custom ringtones to your iPhone:

• iFuntastic v3.03: Install native iPhone applications, custom ringtones, support for PowerPC & lots more
• No Hacking required: iToner makes adding custom
• iPhone RingToneMaker: Custom ringtones (hack) for your iPhone made simpler - It seems that you will lose those ringtones if you upgrade to iTunes 7.4 and a fix for iToner is expected soon.
• Song Sender: Send songs from your iPhone to a friend via email or use them as ringtones
• Make iTunes Previews your iPhone's custom ringtone

In case you to find out if it is illegal to make your own ringtones? Read this post @ Engadget. Know your rights before you go off hacking your way to ringtone freedom.
Update:  Check the latest on this @ Engadget, as the hack doesn't seem to be working any more with version 7.4.1 of iTunes, which was released last night.
Thanks Mitch for the tip and Alex & Sava for your feedback.
Thanks

[via Macrumors]