C:\Drive>Users>Bloggs>AppData>Local>Microsoft>Outlook
Yes, it's a PST, but no, that's not necessarily the location.
For example, mine is at: C:\Users\SD\Documents\Outlook Files - I believe that's the default for Win 7.
You can also have other PSTs (besides the "root" pst) almost anywhere.
Easiest thing to do is go into the Outlook account settings and see the specific paths for your installation.
SD