Look up "telephone tracer" or "wiring tracer" at ebay. These units run about $30 on ebay. They sell a variety primarily designed for telephone use. I have used thesen telephone units also for tracing AC wiring in walls by connecting the aligator clips to a disconected circuit. You can turn up the sensitivity and sense the wires are present within a few feet, then crank down the sensitivity when you need to know the exact cable location or even the exact wire. Do be careful though -- these units are susceptable to cross-talk -- the signal from one conductor or cable might "jump" to a parallel wire or cable. The longer the area that is in close proximity, the stronger the cross talk. An experienced user can usually avoid such problems, but it takes practice to become good.
I recently used this when my step-daughter had her Federal Pacific breaker panel replaced before she moved into a newly purchased "bank owned" home. The outlets in several areas did not seem to work. By hooking the tracer to a non-working outlet, it was possible to determine that the outlets were grouped together, although not immediately obvious since the wiring went up and down stairs and skipped some areas. Got a strong signal near the new panel, but none on any wires inside the panel. Turns out the romex for this circuit was never fished through into the panel and therefor was not hooked up to a breaker. The good news was it was easy to fix. The bad news is that the drywall around the panel needed to be repaired for the second time.