First, download Audio Hijack Pro. This program is shareware, which means that for free, we don’t have use of all its features. For our purposes, however, it will suffice.
Next, navigate to the “Recording” pane in the program. Choose “Custom…”

Make your settings as shown, or similar.

Remember, the maximum ringtone is length is 30 seconds. The better quality, the more space the file will take up. Try to keep your file sizes under 300 kb if you have an older MP3 phone, or under 500 kb if you have a newer phone, such as the LG Dare or Versa.
Navigate back to the “Input” tab. (As shown below) This section allows you to choose the application you want to record sound from. If you are recording a clip from Youtube, choose Safari. If you are recording a song playing in your iTunes, choose iTunes.

Now, all your have to is click “Hijack” and then “Record” to start recording. Hit “Record” again when you are finished. Be default, your sound clip will be saved in your Music folder under Audio Hijack.
Now, to send the ringtone to your phone, all you have to do is open your e-mail and send the file in an attachment to your phone number @vzwpix.com
For example, 6105551234@vzwpix.com
It should only take a few seconds for you to receive it. When you do, choose “Save as ringtone.”
Congratulations, you are now a ringtone wiz! All of your friends will ask you to make ringtones for them!