Create ringtones for iPhone

I just got a new iPhone today and wanted to add my own ringtones. Found this helpful hint online.

On a Mac the gist of it is:
1) Import the song you want into itunes
2) Ctrl click "Get Info"
3) Select Options
4) Set start and Stop time so no longer than 30 seconds
5) Select Ctrl Select Create AAC version
5) Ctrl click on newly created song in iTunes and select Show in Finder
6) Change extension from m4a to m4r
7) Delete original songs from itunes
8) Double click on m4r to bring into iTunes
9) It will go into ringtones - sync to phone