The Tweaking with Vishal web site writes up a quick but useful registry hack that adds an "Open File Location" item to the context menu, just like Windows 7 or Vista has already.
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Applying the tweak is simple enough—just download, extract and double-click on the registry hack file to apply the changes to the registry. Once you are done, you'll have a new item on the context menu that you can use to open up the folder that houses the file the shortcut is pointing to. It's a quick and useful trick for quickly accessing files buried deep in some installation directory.
Hit the link for the downloads for Windows XP only, or check out how to add Recycle Bin, Network Connections or more to your My Computer window, add an option to open Excel documents in a new window, or take a look through our top 10 right-click tools.
How to Get Windows Vista and 7's "Open File Location" Option in XP? [Tweaking with Vishal]