Can anyone confirm this?
Let's say I own a cd for a song. I put it on my iPod. The same song is available on the iTunes store and is ringtone capable. Do I have to buy the song from iTunes in order to convert it to a ringtone?
Yes.
While it has clearly created quite a few unhappy users, this is true. But, and it seems to be a pretty bg but, only certain songs are licensed for ringtone use.