Why won't itunes let me download songs onto my iphone?

Ok so i used youtube converter to convert a 3 minute song and usually it always works but anyway, i got it downloaded onto itunes but when i try and drag it to the devices section where my iphone information is, it won't let me, it just has a red circle with a line through it. Does anyone know how to get the song onto my phone?

It may not be in a usable format for the iphone. I would also make sure that "Manually manage music and videos" is checked, otherwise dragging and dropping will probably not work.

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