Well, I still couldn't get it to work and then I discovered the problem. There's an error on Page 2 of the Ethno 2 Update Notes PDF file. Here's the section:

I put them in the that directory as instructed, and still it wouldn't work. I then launched Ethno 2 in standalone mode (and I think I attempted to open a Multi) and was greeted by this error message:

Notice something? In the error message, it does not include the /Sounds directory/folder!
I moved all my .ufs soundbank aliases up one level into the .../Ethno directory and deleted the now empty /Sounds directory and all is well! Just sharing this for those of you who are going to receive Ethno 2 in the coming days!!