Hot of the presses and live on stage from Moscone Center, Steve Jobs just announced iPhone Ringtones will be available for download via iTunes, in an updated release rolling out later tonight.

Keep watching.

[update] According to his Steveness, ringtones will cost $.99, in addition to the price of downloaded tracks. Uh, so that means I have to buy the song and pay another buck to get the ringtone? Not liking that arrangement.