Copy “sd.raw” to “/Dolphin Emulator/Wii/”.
The correct folder likely contains the folders “apps,” “codes,” and “projectm,” depending on the version of Project: M you have downloaded.
Even though Project M is designed to be played on a genuine Wii console, it is possible to run Project M on the Dolphin Wii emulator on your Windows, Mac OS X, or Linux computer! Brawl for the Wii which changes the gameplay to more closely resemble its more competitive, more skill-based, and faster predecessor, Super Smash Bros. Project M is an incredible mod for Super Smash Bros. UPDATED download links on Decemafter Project M officially ceased development.