How to make a custom ringtone or text message sound for iPhone IOS 5

1. Add the audio file to your iTunes library
2. Right click the file in your library and click “Create AAC Version”
3. Drag the newly create file from your library onto your desktop
4. Change the extension of the file from .m4a to .m4r
5. Finally, drag the .m4r file into your device in iTunes

The file will be available in the ringtones portion of the Ringtone and Text Tone sound setting.