Custom Audit Log for Custom Fields

Summary

Create a report to display an audit trail of changes to a custom field

Content

Is it possible to create a report to display an audit trail of changes to a custom field? I think I know the answer to this but wanted to see if anyone has been able to do this.

Basically I have a Menu type field and we want to know the date/time and who changed the value and keep track of all the changes to that field.

We have had this field before custom objects was even an option and want to see what we can do without having to create a custom object to replace the custom field. Thanks!