Unfortunately, you have to first buy the track from iTunes before then creating (and buying) the ringtone. So even though I own everything a-ha ever released commercially, I had to buy the songs again (unless I am a moron and read the instructions wrong - if so please message me so I don't go broke on music I already own in multiple formats!). The most fun to play ringtone with? Why, 'Cold as Stone,' of course! I also couldn't resist 'Manhattan Skyline.'
As for Magne F tracks that are ringtone-able, iTunes US offers the entire 'Hermetic' album, as well as 'Ferreting' and 'Dragonfly' (the Magne solo version from the deluxe 'Lifelines' album). Rock on.
I bypassed the 'Hermetic' tracks for now and made a ringtone out of 'Ferreting' starting around 2:90. Can't remember where exactly the 'Dragonfly' ringtone starts, but it is also towards the end of the track, no vocals just that fabulous guitar. Sweet!