Custom Ringtones Coming Soon?

Engadget is claiming that Apple may add the ability to create custom ring tones when it rolls out iTunes v7.3 on June 29th. (iTunes version 7.3 is required for iPhone syncing.) Other sources have hinted that this feature may also include a custom interface (like Garage Band?) which will enable users to edit their tunes into perfect little ring tones. Expect this service to cost at least 99 cents per song.