No that would not be deemed illegal for the same reason. You now own that copy of the song. Therefore you can convert, edit change, play, delete or do whatever takes your fancy, as long as you do not distribute, sell or pass about to others.
Chris (formerly R@nSiD)
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When the power of love overcomes the love of power the world will truely know peace - Jimmy Hendrix
Winner SM VFX Challenge 1
3rd Place SM SteamPunk Challenge (May 2007)