To anyone having a problem with only having "Silent" be an option with your ringtones and notifications:
I was able to resolve this problem only by doing a format
with the SD Formatting tool. I tried formatting in Windows and it still wouldn't work, but using the tool fixed it for me. Found the link in the TIPS/FAQS sticky above.
SD Formatter 2.0 for SD/SDHC - SD Association
That said, it fixed it for ME, can't guarantee anything else.