Custom ringtones weren't exactly No. 1 on the wish list of iPhone hackers, but the idea showed up a lot in the "it would be nice" category. And lo and behold, Apple has listened, in the least spectacular way possible.
A new addition to the GarageBand support site has instructions for creating ringtones and getting them onto your stupendabrick, and it's alarmingly simple. You define chunk of song (40 seconds or less), select "share" to send it to iTunes and then sync your firmware 1.1.2 iPhone. Act now and be the first on your bus to serenade fellow commuters with "Business Time."
How to create custom ringtones in GarageBand 4.1.1 [Apple (via TUAW) ]