iRinger is an application that allows you to edit songs and export them to iTunes to use as iPhone ringtones. It is compatible with firmwares 1.1.2 and up, including 2.0 and iTunes 7.7. It features many options, such as fade in and fade out, and audio effects like boost or reverse. It runs on all versions of Microsoft Windows including Windows Vista. It also runs as a standalone executable file, so there’s no installing/uninstalling required. You can even put it on a jump drive for use on the go. Here is a video from the developer demonstrating the program.

You can download iRinger from here. You can also visit the site from here.