Basically, that's correct, Martin, but they don't have to limited to 10 second snips. You'll need the Nokia software which comes with the phone, to transfer the ringtones to it, or if you have any you like on your existing phone, you can transfer them over via bluetooth.
For what it's worth, I have an N82, but as a devout SE user, I couldn't get on with it. Shame I didn't know you were looking for one!