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Apple has quickly closed the door on a very nice ringtone hack for iTunes and the iPhone. If you’ve upgraded to iTunes 7.4 to supply ringtones to your iPhone, think twice before upgrading again to Apple’s latest 7.4.1 upgrade for iTunes.

Apparently, simply changing the extension on any AAC file to .m4R, then dragging to iTunes library lets you use the file as a ringtone for your iPhone. The latest iTunes upgrade (7.4.1) kills this ability.