There should be a PostP folder in there. It's there it goes rather than the Exec folder. Basically the same place as the Program Files folder.
If the PostP folder is not in the VirtualStore it should be picking it up from the PostP folder in Program Files folder initially. Make sure you restart PhotoVCarve after putting the new post processor in there so it's picked up.
If you've got Cut2D, VCarve or Aspire you could import the project there and not bother with post processor updates in PhotoVCarve.