The default location is C:\Documents and Settings\"your account name"\Shared. Put a shortcut on your desktop for easy access to that folder.

To change the location of your saved folder, open LW and go to Tools>Options>Saving, and browse to the folder of your choice, click apply > ok. You'll have to move your other files manually if you want them in that folder.

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If it ain't broke, fix it till it is!