No, you haven't looked "everywhere". Open the Mail applet in Control Panel, click Data Files and simply read where your PST is. Now, open Windows Explorer and enter the EXACT path that you saw in step one, leaving out only the PST file itself. Click Go and the folder containing your PST will open.
By default, Outlook creates a PST in a hidden folder, %LocalAppData%\Microsoft\Outlook, which is the same as C:\Users\yourusername\AppData\Local\Microsoft\Outlook. If you're using Windows XP, then it's %UserProfile%\Local Settings\Application Data\Microsoft\Outlook, which is C:\Documents and Settings\yourusername\Local Settings\Application Data\Microsoft\Outlook.
Alternatively, simply enable viewing hidden files and folders in order to browser to the location.
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