The ME1 folder contains the Mass Effect save files transferred over by ME2 Configuration Utility. The career folders are named in the format John_31_Soldier_060310 (first name, psych profile/history, class, date of creation). Where X is the drive letter where your Windows system is installed on (usually C:), and %Username% - username that you are logging into the system with. X:\Users\%Username%\Documents\BioWare\Mass Effect 2\Save X:\Documents and Settings\%Username%\My Documents\BioWare\Mass Effect 2\Save
It is recommended to backup your career for the option to revert back later on. Using the modifications described in this article may alter your career permanently.
