Is there free software to make ringtone for my iPhone?

I Want to make ringtones for my iPhone, But I do want to pay for it. Could someone recommend a free ringtone making software?

http://www.idownloadblog.com/2013/05/16/how-to-create-ringtones-in-itunes/

Audacity, and it's pretty simple.

Find the song you want, download it.
Download and install the Free program called Audacity and use it to EDIT the Song - Copy the bit you want for a Ring Tone -
Export it as an MP3
then just transfer it to your phone.

My Ring tone is Pirates of the Caribbean, the first 30 seconds.