Question: Where would the physical files be?

Answer: 
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](http://msdn.microsoft.com/en-us/library/3ak841sy.aspx) for more info.
```
System.Diagnostics.Process.Start(
    Environment.GetFolderPath(Environment.SpecialFolder.LocalApplicationData) + 
    "\\IsolatedStorage"
    );

```