On a Windows machine, the files are in C:/PROGRAM DATA/ADOBE/PREMIERE ELEMENTS/12.0/ONLINE/.
On a Mac, the files are in MAC HD/LIBRARY/APPLICATION SUPPORT/ADOBE/PREMIERE ELEMENTS/12.0/ONLINE/.
On a Windows machine, the files are in C:/PROGRAM DATA/ADOBE/PREMIERE ELEMENTS/12.0/ONLINE/.
On a Mac, the files are in MAC HD/LIBRARY/APPLICATION SUPPORT/ADOBE/PREMIERE ELEMENTS/12.0/ONLINE/.