Can i convert mp3 into ringtones ?

I have an enV2 and i've equipped it with a 8 gb memory card

Is their a way to create my own ring tones from mp3 i have on my phone ?

I would appreciate help and some directions on how to do this ?

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~Copy the desired files to the SD card My Sounds folder. The file format can be .wav or .mp3.
~On the phone choose Menu, 9. Settings & Tools, 9. Memory, 3. Card Memory, 5. My Sounds and verify the phone sees the files.
~From the start screen now (hit END), choose Menu, 5. Media Center, 1. Music & Tones, 5. My Sounds, highlight your file (they should show up and you can see they have a different icon when accessed from the card), choose Options, 1. Send. Now you're about to send it as a text. Choose Add or put in your phone number, put in some text, and send away!
~Hopefully in a few moments the text will arrive. Once received and opened, choose Options, 4. Save As Ringtone.

You need a microSD card, and usb connection cable for your phone and the lg usb drives
Plug phone in with the usb connection cable,
Open the phone up, got to menu – settings and tools –tools – usb mass storage.
Now open you’re my computer and you should see a new removable storage device, open it up
Make a new folder called ringers and add all the songs .mp3 you want for ringtones in there.
Now with phone exit usb mass storage,

Next Install bitpim <-is free just Google it
Unplug usb cable and plug back in.
Open bitpim, try the auto detect, don’t think it worked for me. If it didn’t see your phone click bitpim settings, pick phone type LG-VX9100 (enV 2), Com Port, and type. COM9 , hit ok.
Next click get phone data, expand media, click ringers, in the folder right click and hit add and find a small sound file any thing and “SMALL size” , I use a Thunder sound form game, but ya . It ask you to convert it do so. Hit ok
Then click send data to phone, phone will restart and then look in my ringtones in the phone and all the songs you put in ringers from the microSD card “should” be there lol