SQL Server 2005 Restore Backup Status Recovery Pending
You can restore the database files to other locations using T-SQL commands to do the restore.

I did a test, something like:

CREATE DATABASE TestDB
ON (FILENAME='C:\test\TestDB.mdf', NAME='TestDB')
LOG ON (FILENAME='C:\test\TestDBLog.ldf', NAME='TestLog');
GO

BACKUP DATABASE TestDB TO DISK='C:\Test\TestDB.BAK';
GO

DROP DATABASE TestDB;
GO

RESTORE DATABASE TestDB FROM DISK='C:\Test\TestDB.BAK'
WITH MOVE 'TestDB' TO 'C:\SomeOtherFolder\TestDB.mdf'
    , MOVE 'TestLog' TO 'C:\SomeOtherFolder\TestLog.ldf'
    , RECOVERY; 


This creates a database in one folder, takes a backup of the database, drops the database, then restores it from backup into a new folder.  You should be able to modify the RESTORE DATABASE command to suit your needs.