In Windows 7, the preset files cannot be SAVED from the Preset Manager into the Program File as described in D4tF, 2bT, and F2bT..

However, we can COPY and then PASTE the files to the Program's preset folder using Explore (right click on the start button).

The program files are usually found at:

If the Paint Bucket is not visible in the tool bar, it is hiding under the Gradient Tool.
Computer > C: > Program Files (x86) > Adobe Photoshop (Elements) > Presets



To display the OPTIONS menu bar:
Window > Options