Fun stuff - back in the 07-08 time frame, did some exploration around using WiFi for applications like this...
For a single AP - one could get a sense of range from the AP, but no azimuthal information about where the target might be - one would have to have 3 or more AP's to make sense of the returned information - and there, the timing for the beacon frames left a low level of trust due to multi-path... As part of the project - we also looked at UWB, and with some tweaks for impulse radio mode, we were able to get 1 cm resolution - and some complicated math we were able to get 3d (range, direction on the horizontal and vertical planes) info with 2 transceivers based on DTOA (differential time of arrival) techniques...
While we passed on moving from research into some level of commercialization - companies like Nordic Semi have taken similar approaches, and have some really cool stuff with UWB-IR for location info..