Allows videos to be set as ringtones for individual contacts?
Allows the creation of separate folders, and has the option to hide or password protect them, but still allows the password protected items to be assigned or used (ex. video or mp3 ringtones)
Like mentioned above none of that can be done out of the box. Jailbreaking would be a must and even then it's not all possible.
Videos for ring tones - not that I am aware of as I've never been interested in looking into that.
As far as folders - if you mean folders on the home screen to store something like games - yes. You can do that. You can not store things such as music or video files in them though.
Things are always improving in the Jailbreak scene so you never know what is around the corner.