Hi kk4mds,
iPhone ringtones are generally saved as .m4r files. You can do this in WavePad by choosing the .m4r file type when saving your file. Once you have saved the file you will need to import that file into iTunes. How you do this will depend a little bit on the options you have selected in your iTunes setup, but generally it can be accomplished by dragging and dropping your m4r file into the iTunes window.
The final step is to sync your phone with your iTunes the same way you would normally do so, but making sure that the new ringtone is marked for syncing. You may need to do some additional reading on syncing ringtones in iTunes as the process can vary between different versions of iTunes.
Regards
Ben