For using Audiko Service registration is not required and is totally free.You can also make ringtones for your iphone from the huge library of songs in audiko.
How to use Audiko:
1. Just go to Audiko & upload any song from local drive (you can also search their library).
2. Once you have uploaded the song on Audiko, select the Segment that you wish to have as a Ringtone.
3. Click on Create Ringtone.
4. Click on Download ringtone for iPhone.
5. Sync your iphone with itunes.
Well, I have created one, you can get it from here based on Pehla pehla Pyar Hai.