Depending on your device's manufacterer, the default location to store ringtones is either \Windows or \Windows\Rings\. You can change that location by edting the register.
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Use Total Commander to navigate to HKCU\ControlPanel\SoundCategories\Ring\
Open Directory, a new window should pop up now, containing the current location for ringtones
Change the value to wherever you want to store your ringtones, for example \Storage Card\
Soft reset your device by holding the Power button for 5 seconds.
Please note that using your Storage Card to store your ringtones may sound nice because it saves space in Main Memory, but there is a downside. When your device comes out of standby, it can not immediately access the Storage Card. This could lead to a situation where you receive a call while you HTC Wizard cannot find it's directory for ringtones.
I am not shure as to what sort of behaviour that would lead. If anyone knows what will happen, please let us know in the comments.
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