The folks at Apple have decided that release iTunes 7.4.1 Whose sole propose is to disable the file rename hack that lets users put free ringtones on their iPhones. So if you are enjoying free ringtones on your iPhone Beware this update.

These are links to a few tutorials on how you to turn any iTunes preview into a ringtone.

Macrumors Tutorial 1

Macrumors Tutorial 2

Another Tutorial with pics