Patently Apple, a website well known for bringing Apple’s patents to the masses, has uncovered a good one. The photo above is from a patent filed late last year by Apple engineers Brian McKnight and Michael Neuman.

The documents describe methods for creating video ringtones in iOS. The technology would allow users to automatically use audio and video from iTunes and iMovie to create custom alerts for each incoming call…

Even though many patents don’t ever make their way into shipping products, this one may see light. With popular Cydia applications like MiVTones, already available to jailbreakers, Apple can’t be too far behind. These apps allow users to have video ringtones, but not create them.

What’s even more fascinating is that Apple’s patent goes into possible 3D content and multi layered animations. These layers can be independently animated based on different characteristics in the audio track. Think iTunes visualizer.

With Apple’s iPhone 5 rumored to contain dual core processors, all of this seems in the realm of possibility. But do we really need video ringtones? To be honest, I jailbreak and reset my phone so much that I’ve quit setting custom ringtones.

Is anyone excited about the possibility of video ringtones on your iPhone? Tell us in the comments below!