Ringtones Not From iTunes Store

Does anyone know if it is possible to make a ringtone from songs that you didnt buy from iTunes, such as songs you downloaded from a CD or from *cough*illegal programs*cough. I think it sucks that you can only make ringtones from songs that you purchased from iTunes. Lets face it, not everyone gets all there songs from iTunes.

Download a program called Audacity. Use it to cut clips out of your favorite songs. You're not limited to 30 second clips either, make them whatever size you want.

Thanks for this program!I have downloaded iToner,iFuntastic with no success.Meaning i have over 500 GB of music that i would like to make music clips for my new iPhone,but the standard software was giving limitations and iFuntastic is a Bia' to get to work(still have not found out how to tweak the settings without it telling me its not connected to my iPhone)
Regards