Apple set to launch ringtone service for iPhone September 5th?

The New York Post is reporting that Apple's September 5th dog and pony show is set to usher in the age of iTunes as ringtone-management software for iPhone. Apparently the rumored service will see iTunes able to convert any song into a ringtone -- for a fee, of course -- and you'll even have the ability to dictate which portion of the song becomes the tone. The offering will also include the ability to use previously purchased tunes as ringtones, and we're hoping your own music in iTunes, too. We're feeling this is long overdue, but can assume that Apple could have been in conversation with the labels to sort out the financials of all this magic. Watch this space next week for more news on pricing and availability -- if indeed, it actually pans out.

[Via AppleInsider]