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A windows only free iPhone ringtone ripper to download. We haven't tested it out yet but the software is really free and judging by the user interface it looks pretty easy to create ringtones for your iPhone.
iPhoneRingToneMaker works with the new iPhone 2.0+ software and iTunes 7.7+. Well, it does, I own and actively use iPhoneRingtoneMaker, and haven't had any issues yet. One thing to keep in mind is that anytime there's a iPhone or iTunes software update it renders iPhoneRingToneMaker useless. It's not a free iphone ringtone maker but it's a great tool and it's cheap.