Cutting your own ringtones from songs in your mobile library isn't hard at all, and there's even one ingenious Android app that takes a much more creative approach than the usual slice-and-serve.
iPhone apps also handily make ringtones. Apart from choosing the start and stop times--which can be frustrating and time-consuming depending on your level of meticulousness--the most trying portion of the creation process is transferring your newly created selection to iTunes and then back to your computer as a ringtone.
No, it doesn't make sense, but the apps show you how to do it and ultimately offer an easy enough way to ready 'tones for your phone while you're away from your computer.