Can you make a ringtone from CDs that have been imported into iTunes?

I'm not sure if this was posted in previous post but I started wondering. Most of the music that is located in my iTunes have been imported from my CD collection, yet the only songs I can make ringtones are those that have been purchased through iTunes. As I looked to see if a certain song that I already own has a ringtone available through iTunes it turns out that it does have that ringtone icon. So without having to purchase that song seeing that I already have it, is there anyway you can make it into a ringtone? Anybody know a way or heard anything about this?

Message was edited by: supurduperman