How to turn a song in your playlists into a ringtone?

So i transferred a song from my computer to my iphone 4, and i found the song on my iphone by going to Music and then going to my "Recently Added" playlist. I can play the song fine but how do i make it go under the ringtone option?

I had the same question about a year ago, and I found out that you have to buy the ringtone version of the song on ITunes. You can't just make it into a ringtone like you can on some phones.

Here's a freeware which lets you make ringtone from music files. Hope it helps.

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