Can't make own iTunes 10 ringtones

Apple iPhone - You can't make your own ringtones in iTunes 10

Mac Life notes that Apple has removed the create your own ringtone feature from iTunes 10. The feature introduced after the launch of the original iPhone in 2007 allows users to download a song from iTunes for 99 cents and then turn it into an iPhone ringtone for 99 more cents.

iTunes 10
At a later Fall Apple music event, Apple added a new section to the iTunes store for both Mac and iOS devices that allows for the purchase of pre-cut iPhone ringtones.

It seems that Apple may have gotten a bit greedy and wants you to go for the pricier, pre-cut tones instead. They have to make up for that Apple TV price drop somewhere, right?

http://feedproxy.google.com/~r/9To5Mac-MacAllDay/~3/TerBpZLLT0Y/you-cant-make-yo\
ur-own-ringtones-in-itunes-10

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Is it still possible to make ring-tone using existing song using "garage band"?