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To take some your comments in no particular order.
The converted epub or whatever will always be in the same folder as the txt or whatever that you convert from. All the formats of a particular book are kept together under the top-level of your Calibre library which is created when you first install Calibre.
speakingtohe has given the easiest way to find both the specific book and the location of the Calibre library, using right-click on the book name in Calibre.
The stuff that the Jobs button tells you is only useful, to me at least, when trying to find out why a conversion has failed or how long a job still has to run.
If you want to view your epub, select the book name, click on the arrow next to View, select view specific format, select epub. The viewer isn't exactly the same as a hardware reader but it is OK.
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