Ringtones (like for purchased music) don't have the little ringtone bell next to any songs... What gives?
Not that I'm dying to spend 99 cents for a ringtone. I just upgraded iTunes to 7.4.2.
If you do not see the bell icon on any songs, choose View > View Options, and make sure the Ringtone checkbox is checked. (from the FAQ)
Other than that, not all your old songs will have them. Depends on who Apple has received permission from I think.
This is correct : only some songs - I think during the last keynote it was announced that around 500,000 were available to be ringtones. So not every song will have the little bell next to it.