A family of Microsoft word processing software products for creating web, email, and print documents.
The olb files are normally installed in the root directory of the Office installation.
Assuming a 32bit OS and the default installation location, that would be C:\Program Files\Microsoft Office\Office14
Note that you need to have installed the full version of Office 2010 and not the "click-to-run" version. With the "click-to-run" version, almost all files are located on a virtual Q drive and won't be accessible by you.