If Outlook is open, you can open Windows Explorer to the pst location from the File, Data File Management menu.
IMAP and Outlook Hotmail Connector data files remain in the local appdata \microsoft\outlook folder. If you upgraded to Outlook 2010 or 2013 and kept the old profile, the *.pst file is not moved. In Outlook 2010 and Outlook 2013, the default *.pst location for POP3 accounts in new profiles is My Document\Outlook Files.