It was one of Apple’s worst decisions of 2007: even if you owned a song and wanted to use it as an iPhone ringtone, you couldn’t. Instead, the only custom ringtones you could play were ones sold at a ridiculous price through iTunes, or ones that required hacks and third-party applications to create. Today, Apple has fixed its prior bad call, releasing version 4.1.1 of the iLife ‘08 application GarageBand, an update that now lets…