Projects
A project stores information about sequences and assets, such as settings for capture, transitions, and audio mixing. Also, the project file contains the data from all of your editing decisions, such as the In and Out points for trimmed clips and the parameters for each special effect. Adobe Premiere Pro CS3 creates a folder on your hard disk at the start of each new project. By default, this is where it stores the files it captures, the preview and conformed audio files it creates, and the project file itself.