If you are installing using new 4.61 exe download it will install to c:\pmail by default and is where most should accept default offered. That may or may not be your current install but it is probably where it is now also though path to winpm-32.exe might be just slightly different as new full clean install places the exe's in :c:\pmail\programs
The install archive exe does not contain configuration data at all and only default mail folders plus sample or introduction message only if a clean full install. *IF" old setup is detected then installer will pick up and use old location, old settings, and old folders and messages and that can be very good or very bad. Very convenient and easy if you want to save everything "old" but very bad if you want a new clean installation. Good if all old settings were correct and very bad if there just one or more critical settings are not correct. That is why reinstall is hardly ever necessary and seldom fixes any user problems. To do that or get a clean install you must relocate Pegasus Mail files now on drive and preferable encase them within a compressed archive so installer can not find them during clean full install. Then later after up and running with new install you can copy back the messages and messages folders and address book information and such, keeping in mind that anything that had errors before will still have them after copy to new install also. What should never be copied back to new install is the old configuration and settings or pmail.ini or related *.pnd files if there is any known defect you are trying to repair by new install. Only restore old settings and ini file if old setup or version was working correctly when last used.