Here's handy app to convert your multimedia to .m4r Ringtone Maker for iPhone iPod itouch iPad, iOS5 full support, enjoy.
iMacsoft iPhone Ringtone Maker v1.1.7.1206 Bilingual Incl Keymaker-DJiNN
create ringtones from your favourite music or video files not just buying from iTunes library. Now you can make ringtones for your iPhone, iPod touch and iPad 2 from almost all video and audio formats (including AVI, MPEG, FLV, WMV, DivX, MPEG-4, H.264/MPEG-4 AVC, MKV, RM, MOV, MP3, WMA, WAV, RA, M4A, AAC, AC3, and OGG.), and then transfer them to your iPhone, iPod touch, iPad 2, iTunes library directly.