That's basically right, but if the ringer was designed to plug into the phone network, it won't be expecting 5V DC to ring. On the UK phone network it would be 75V AC 25Hz; Wikipedia says the US is 90V AC 20Hz. It'd probably be harder to generate those waveforms, than it would to just buy a non-phone-related bell or buzzer that you could run from normal voltages.

Peter