I took another look at your post and decided to give a more detailed answer.
It appears that you are a relative beginner. Beginners need to stick to the basics. Also, it appears that your goal is fat loss. You say toning, but toning=fat loss (http://www.exrx.net/WeightTraining/Toning.html
You need a fat loss program. Fat loss is about creating a caloric defecit. This is done by:
1. Restricting calories (eat clean foods - different subject)
2. Burning as many calories as possible with exercise - this means hard work.
So how do you burn as many calories as possible with weight training?
1. Perform full body workouts.
2. Select 'BIG' exercises.
3. Decresing rest periods as you progress.
Here is an EXAMPLE: http://www.t-nation.com/readTopic.do?id=459809
That's it for fat loss.
Let me now comment on some other things I noticed.
I am currently doing a 3 day routine and would like some help to fine tune my workout routine. I do the following:
Day 1 - Shoulders & Back
Rear Lateral Raise
Reverse Wrist Curl
Beginners don't need a shoulders and arms days. I am sorry to say, but in my opinion the above workout is a waste of time for 90% of the population 90% of the time to paraphrase Alwyn Cosgrove.
Day 2 - Chest & Back
Incline Bench Press
Decline Bench Press
Bent Over Row
WAY too much benching and not enough rowing. You see, benching and rowing are sort of opposite movements and generally speaking the volume of benching should equal the volume of rowing. Otherwise expect shoulder and posture problems.
Day 3 - Legs
Straight Back Straight Leg Deadlift
Straight Leg Deadlift
Single Leg Calf Raise
What Matt Z said about Straight Leg Deadlift variations.
Due to a lack of space, I can only utilize dumbbells and a solid bench for my workout. Toning my body is the preference but I would like to add some strength at the same time. I currently do 2 sets of each exercise, 1 warm-up and 1 main set.
I am gaining strength and I am feeling better since I started this problem. Nonetheless, I would like to tap into your minds and see what else I can do. Any advice would be highly appreciated. Thanks.