If you are installing from the Liquid Mix DVD, the emulations will automatically be installed into a "LiquidMix" directory in the shared Application Data folder. You can reach this folder from your Windows XP Start Menu as shown in the screenshot below:
The usual path for this start menu shortcut is C:\Documents and Settings\All Users\Application Data, however it may vary depending upon your locale and primary hard drive. For example, if you are running a non-English version of Windows on the D:\ drive, the path would be different.