Ann finally bought her first smartphone and got an iPhone. Now she wants to create her own ringtones. Leo says it can be done right inside iTunes if she hasn't upgraded to Yosemite yet. But if she has, then she can't.
There are several apps that can do it. Or she can make ringtones in Garage Band with an m4r extension. Here's another link for using iTunes 12 - http://www.techisky.com/tag/create-ringtones-itunes-12