As promised, here is a quick tutorial on creating ringtones for a Treo 700p on the Sprint network.
The Treo 700p on the Sprint use AAC audio format for ringtones. As some people know, AAC is the audio format used by the iTunes store and similar to the mp3 format. The main advantage of the AAC format is Apple's propriety DRM. Thus Sprint may sell protected ringtones to their subscribers.
The method described in this tutorial will help you convert audio files and install them on your Treo 700p. The tutorial does not focus on creating protected AAC ringtones, yet will help you to achieve professional level ringtones playable on the Treo 700p.
The tutorial centers on readily available tools, yet is slightly Windows centric and requires several off-shelf applications (listed below). I will focus on open source tools on multiple platforms in the near future.