I'll assume two things: we're talking about Raptor call of shadows and the ultrasnd411 path is pointed to in dosbox.conf's ultradir line.
First problem: count the characters in the path: 11.
Dos (therefore DosBox) supports ONLY 8 characters at most for pathnames and files, plus 3 for file extensions.
Problem two: I don't know if what you downloaded is a preinstalled version or not, but if it isn't you need to install it and/or decompress it.
I'd follow this guide:
Install Gravis Ultrasound Properly, All files, No Errors (With Pictures!) Some version (I forgot which) of propatches can screw with some games, though (at least in my experience).
Potential problem 3: Raptor works without ultramid, if it's set to autoload...you'll probably get not music in Raptor.

Hope some of this helps.

According to the following link:

http://www.dosgames.com/forum/about10574.html

ULTRASND411 is supposed to be preinstalled already and all you do is point DOSbox to it.

In fact the forum post I linked above says "Inside you will find two folders, ULTRASND411 and ULTRASNDPPL161.
Just point DOSBox to one of them! (411 is the factory version, and PPL161 is the souped up version.)"

The fact that it's over 8 characters could be the problem. I will fix it and see if it resolves it.

I wish the forum post I linked above was more clear. It seems extremely convoluted to get ultra sound support. Thanks for the help bloodbat. If I continue to have problems I'll post a follow up. If the issue is resolved I'll mention this as well.

It's not so convoluted at all, just rename the directory to ULTRASND, et voilà.