Steve Jobs and Apple announced today that they will have a new version of iTunes which will be released tonight that supports ringtones for the iPhone.

The new version of iTunes will have a little “bell” icon next to the songs that can be created into a ringtone (about 500,000 initially) and will let you select your own, up to 30 second excerpt from the song to create your ringtone.

Unfortunately the ringtones will cost you an additional 99 cents in addition to purchasing the song, but it’s a lot better than trying to hack ringtones into your iPhone. Even though the new version of iTunes will be available tonight, Apple isn’t planning on turning on the feature until next week, but if you’ve waited this long a few more days won’t matter.

via Gizmodo