Works – Ringtone Editor Lite Review

Rated 5 stars because it works (free version). I actually was able to edit and use ringtones from my music library. You have to unlock your sounds on your IPhone by going to settings > sounds > (scroll to the bottom and slide "Lock Sounds" to "OFF." Then follow the tutorial in the Help menu of the app.
Review by IP Millwright on Ringtone Editor Lite.