Create Your Own Alert Tones?

[TedSheckler]

As I understand it, you can only create your own ringtones using the music on your phone. Is there a way to create your own notification sounds? For example, I uploaded the Caddyshack Carhorn sound (quite annoying, only 4 seconds, but on a loop it's a classic), and I only see an option to use it as a ringtone. No option to use it as an alert or message-tone. Any solution?

 

[TedSheckler]

FML
maybe I should search first rather than check the first 3 history tabs and assume nobody else had this problem.
I amount to nothing.