Unlike a traditional payment network controlled by a single entity, with Ripple there is no central place to store your account keys and associated data.
When the client asks for a wallet name and password you are really creating an encryption key that is used to create/read a data blob we call your wallet. The wallet can be stored and backed up in many different ways. To make things easy we created what we call a Blob Vault. This is a simple open source webservice that allows anyone to store and retrieve a wallet. You can set up your own Blob Vault or use a public one. Wallets are encrypted so the Blob Vault operator won’t have access to your data.
In the Ripple client you can back up your wallet on the security tab. The wallet will still be encrypted with the wallet name and password you chose.
IMPORTANT: If you lose the username or password of your account or blob, there is no way to recover it. There is no forgot password link, we can’t get it back, you can’t get it back. Be sure not to lose your username and password!