If you can't wait for the eventual Apple update, then by all means have at it weekend hackers: custom iPhone ringtones can now be yours. Disparate hacks have been cobbled together into a step-by-step guide over at the appropriately named hacktheiphone site. The instructions make use of both the iPhoneInterface and jailbreak hacks which opened up full access to the iPhone's UI and filesystem. Unfortunately, the former only works on the Intel-based Macs at the moment. For those of you a bit wary of screwing the $600 pooch somewhere along the 23 steps, take heed: "everyone [they] know has been able to restore their iPhone fully by using iTunes." So go ahead, we double-dog dare ya. Just report back in the comments how it went, mkay?
[Thanks, HaJo and Richard]