Apple To launch iPhone Ringtone Store On Wednesday?

Apple is holding a media event on Wednesday, and the press speculation on what they will be announcing is running rife. The New York Post is speculating that one of the things that will be announced is a ringtone store for the iPhone. Citing unnamed sources, they speculate that the new ringtone store will offer the ability to convert previously purchased songs into ringtones, using any part of the song to create a ringtone. They didn't specify how much the ringtones might cost, but the post speculates that the ringtones might be offered as a premium download, much in the same way that Apple offers the ability to buy higher bitrate versions of sings for $1.29 instead of the usual 99 cents.