On Tuesday, shareware and utility company Rogue Amoeba released version 1.3.1 of its freeware MakeiPhoneRingtone. The new version, a 960 kilobyte download, allows users to drag AAC-formatted audio files onto the application icon and convert the file into a ringtone. Once the file has been converted, it's then added to the iPhone Ringtones tab menu found in iTunes and later synced over to the iPhone.

The new version includes a change in which only songs 40 seconds or shorter can be accepted for conversion (in order to match the iPhone's standard ringtone length).

MakeiPhoneRingtone is available for free and requires iTunes 7.4.1, Mac OS X 10.4 or later and iPhone OS 1.1.2 to run.

If you've tried the program and have any feedback, positive or negative, let us know over in the comments or forums.