my docs\my ringtones and \windows
HOWEVER...
VipPimRingTones from XDA will let you assign ringtones based on category or name. I keep the ringtones on storage card and then make categories for my contacts, Sync to phone and run the app. It will assign the ringtone to the contact regardless of the path. However, if you go into the contact and click the ringtone field, you will lose the assignement and will have to re-run the app to put the ringtone back
VipPimRingTone(6.1.1.0) An Application to assign ringtone based on Category - xda-developers