When doing an stsadm.exe -import I encountered the following error:
Debug: Security check failed in OnWebImport
Importing Folder /cgs
FatalError: Value does not fall within the expected range
GetWebRelativeUrlFromUrl
I was able to create a blank subsite and then do the import to that new subsite, but it would not create the subsite for me. On my standalone install, this worked without having to precreate the site.