iRing, An iphone ringtone creator application that automated converting AAC files into ringtones for the iPhone. This iphone ringtones creator is developed by AppleGazette and available free for download. Basically this iphone ringtone creator is based on another iphone custom ringtone tutorial ( Manual way ) to develop and simplify way to convert AAC files into ringtones for the iPhone. ( The application it does is take the AAC file, change the extension, and put it into iTunes. )
Meanwhile, iRing has released to version 2 which compatible with iTunes 7.4.1. However, Using this iphone ringtone creator is under your own risk. What i can suggest is read careful the readme before use this iRing iphone custom ringtone creator application.