How do I make ringtones and convert them to m4r for my iphone?

What app(s) could I use to make ringtones on my jailbroken iPhone 4?

I jailbroke my iPhone 4 and I want a ringtone for my text messages without paying $1.29 in the iTunes store and a ringtone longer than 30 seconds. Any apps for free that do this?
Answer:

Garage Band, nuff said. Also, here's a guide for using existing music as ringtones: http://techqa.wordpress.com/2009/04/06/use-a-song-as-a-ringtone-for-the-iphone/

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