Is there a way to turn your I tunes songs into ring tones?

yeah sure even if it's not purchased from itunes first

right click the song then get info go to the option tab and check the start and the end time and edit the end time to 0:30 then press ok

now right click on the song and create acc version

then go to any folder click on tools then folder option go to the view tab then ucheck hide extensions for known files and press ok

now go to the music folder in my documents then iTunes then Tunes Music and rename then song from example.M4A to example.M4R

then drag it to the ringtones box

in this steps you can drag any song into the ringtones tab

Yes. After highlighting the song, top left of iTunes click on Store then choose Create Ringtone from the drop-down box.