You can assign distinctive ringtones to people in your contacts list for audible caller ID. You can also assign vibration patterns for notifications from specific apps, for phone calls, for FaceTime calls or messages from special contacts, and to alert you of a variety of other events, including new voicemail, new mail, sent mail, Tweet, Facebook Post, and reminders. Choose from existing patterns, or create new ones. See Sounds and silence.
You can purchase ringtones from the iTunes Store on iPhone. See iTunes Store at a glance.