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How to create and upload a ringtone 
Load the clip into itunes and, after ensuring that your import format is set to wav (edit \ preferences \ advanced \ importing), right-click on the file and click' convert selection to wav'. 
This will turn the file into an easily editable wav file. 
Open sound recorder by clicking start \ programs \ accessories \ entertainment \ sound recorder.
Click-and-drag the newly created wav file from itunes into sound recorder. This will load it into sound recorder and allow you to edit it.