Yes, you can submit a Ringtone.
Please note that Ringtones also require their own UPC (Which we provide free of charge during the ringtone submission process) as well as unique industry standard cover art.
Unlike Albums and Singles, Ringtones are only distributed into the iTunes Music Store (As most all other music stores do not offer Ringtones to their customers).
The cost to submit a Ringtone is $4.95.
Ringtones are sold in iTunes for $1.29 (Foreign iTunes Stores may vary depending on the territory).
*Please note that currently iTunes does not support the sale of Ringtones in Germany or Ireland.
Get started here.