<p>Where would the physical files be?</p>

It depends on the OS and whether or not roaming user profiles are enabled.
For example, on XP, with non-roaming profiles, the location is
```
```
<SYSTEMDRIVE>\Documents and Settings\<user>\Local Settings\Application Data\Microsoft\IsolatedStorage
```
```
On Vista with roaming profile storage,
```
```
<SYSTEMDRIVE>\Users\<user>\AppData\Roaming\Microsoft\IsolatedStorage
```
```
See an
Introduction to Isolated Storage
for more info.