Here's the first bit of news from today's music-focused Apple event.
A new version of iTunes will be available tonight, with support for iPhone ringtones. You'll get a new ringtones folder iTunes library, and you'll be able to make ringtones from many songs you purchase from iTunes for an additional cost of $0.99 per song. That's $1.98 for the song and the ringtone.
You'll also be able to assign specific ringtones to specific callers in your contacts. According to Steve, Apple will turn this feature on next week.
(Read more about today's Apple announcements in Today@PCWorld: New Pricing for the iPhone, 802.11b/g iPod Touch, Classic iPod Changes and Prices, and New Shuffles and Wider Nano. And here's our analysis of what's most interesting of the many announcements made by Steve Jobs today.)