I never liked the hacks for making ringtones with iTunes or Garageband so while I was looking for something like iphring to make some ringtones, I found this free program called the ringtone lab. Looks like it is windows only right now, but I was able to use my pc at work and it works just like audacity.
http://www.djnitrogen.com/ringtone-lab-iphone-eval.html