How to set a song as a ringtone on iphone 3GS?

Can i do it without using the computer? I already purchased the song from itunes on the phone so.

There's an app for that where you can edit the song to what part you want the ringtone to be but you still need to use iTunes on a computer but if you just go on the app store and search Custom Ringtones you'll find an app they mostly all do the same thing

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