Can I make my own massage oil using carrier oil and other ingredients?

Can I make my own massage oil using carrier oil and other ingredients?
It would probably be a good idea to invest in a book and learn about making your own massage oils. It's more complicated than you think.
Capsicum is used in a number of commercial arthritis ointments, however it is no where near as effective as Arnica, which is available in any health food store.
I want to make my own joint and muscle pain massage oil. I would want to include cayenne powder and turmeric in it. I imagine I would just mix my desired ingredients into a carrier oil -- sesame, peanut, olive, etc. -- and store the mixture in a bottle for later use. Would there be problems with this though? Would powders mix well with oil, or should I use actual parts of herbs and allow the oil to soak up their essence? Would there be any problems with storing the mixture?

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