iPhone remote

How to get Iphone ringtones using the latest version of Itunes?

I just updated my Itunes to the latest version that is supposed to include ringtone editing software but I can't figure out how to activate it. There is supposed to be a symbol next to compatible songs but I don't see even one in my entire library. I buy most of my music from the Itunes store and I feel like it's unlikely that not one of my songs is compatible. Am I doing something wrong or missing something?

Public Comments

1. the only thing you are missing is time.
   
   
   
   Apple hasn't turned it on yet!
   
   
   
   if you want to do the free iTunes music as ringtones procedure... look here
   
   http://www.macrumors.com/iphone/2007/09/07/free-custom-ringtones-in-itunes-7-4/