Some of the best news that I'll hear all day. If you're using the latest version of iLife and apply the GarageBand update (version 4.1.1), you get the ability to create and edit custom ringtones. They've posted up a set of instructions over at for anyone to peruse. The blurb you see in Software Update is terse but to the point:

"This update improves overall stability and addresses issues with file export to iPhone."
One has to presume that the issue with regards to file export to iPhone was that you couldn't do it beforehand.

This may well be the finest news that I read all morning. It forces me to spend a few hours playing around with GarageBand today, I want to wake up to something new tomorrow. (via iLounge)