FYI us Brits can't do the usual Apple $0.99 service the US gets anyway, but yeah that's basically what to do. You can also to the same thing in iTunes by switching the import setting to 'Apple lossless', playing around with the start and end times of a song, right clicking and converting to AAC and then changing to .m4r. Though Audacity is probably a little more streamlined - just thought I'd throw it in there.