1 Suggestions:

1. under the install directory for the player program.
2. somewhere inside of "My Documents"; perhaps in "My Pictures".

2 Neither. I've searched all over my harddrives, and I've not found hide nor hair of anything that could even REMOTELY be said folder...

PowerDVD anybody?

3 If you're using PowerDVD, here's how to find it:

Open the program, and right-click in the window and bring up the "Configuration" popup.

Select the "Player" tab.
Push the "Advanced" button.
In the "Advanced Options" popup, select the "snapshot" tab.

The top section then controls where frame grabs go. I bet it's set to "clipboard", and that's why you can't find it.

4 I can just imagine the hideous quack of rage Mr. Duck issued when he discovered that he has to rewatch everything because the screenshots went to the clipboard.