MISHA This is sort of neat. Reminds me of the told tone creator on my Sony Ericsson T610.
Except for the fact that unless I'm missing something, this can only play one sound at a time... it would be better if you could have multiple tracks going, and even better if it was set up like Sony did it, with percussion, melody, etc.
As it is this is mildly fun but not really useful—if you have GarageBand, you can play with those loops and export a much higher quality ringtone directly to iTunes.
Still, thanks for the work dev!
(Version 2)