A person is wearing a Ring of Counterspells which is storing a Fireball spell. When this person is in the AOE of a fireball is the entire fireball countered? Do they negate it just for their square? Is there some other outcome?
A ring of counterspells only triggers when the wearer is the target of the same spell it stores. Since area-effect spells target a location, not a creature, the ring can't be triggered by merely being in the AoE of a fireball. Being merely caught in the blast area isn't enough to activate the spell-countering effect.
The ring might counter a fireball that directly impacted you, at the GM's discretion. Fireball is a bit of an odd-ball spell for an area-effect spell, since it can "impact" something between the caster and the target location:
A GM could rule that this is enough interaction between the wearer of the ring and the fireball to count as having the spell being cast directly "upon" the wearer – even though fireball doesn't have a creature target – that the ring would trigger.
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This is in the official 3.5 FAQ, but honestly the answer is somewhat hard to generalize from. Pathfinder does rule differently on some issues, of course.
I would personally interpret the ring as working the same way a readied action to counterspell would work -- that anytime you'd be affected by the spell, the ring would counterspell it for you. This is not 100% clear from the rules, and is specifically contrary to the FAQ answer. (Which was 3.5 in any case.)