This app is actually a step by step guide on how to set ringtones on your iphone. A lot of steps but if you follow them, should be no problem, easy to follow. You can set a general ringtone and/or individual ringtones for certain friends. My only complaint is it would be great if they had a function to allow us to set a ringtone for unknown callers and a specific ringtones for favorites, and ringtone for known callers. That way, you dont have to go thru all the work of setting specific ringtones for each contact. But overall, pretty good.
koreancanuck about Custom Ringtones (FREE) (iTunes Visual Guide)