Nice idea,but too complicated.

I found this app, and even though its free now, everything it does can be done without even downloading it. Garageband, which comes standard on Macs, does the exact same thing. It even will smart detect how long the ringtone supported for iphone is, and then you can cut the track of your choice to play the part of the track you want as tha ringtone.

AppleIOSFan about Free Ringtone Maker, v1.6.5