Owning the original game does not automatically grant you right to make or use in derivative works.
Regardless, making such a modification for personal use only would be hard for a copyright owner to win a lawsuit over even if they could find out about it. But publicly distributing your derivative work like this is definitely violating the original's copyrights.
Many games license art works from third parties, in which the game house agreed only to use that art work in one game title.
E.g. a sound track on a game may feel like a small part of the whole game, but it can the complete work from a music producer.