It depends on whether the setting you have chosen is at "User" scope or "Application" scope.
User scope
User scope settings are stored in
C:Documents and Settings username Local SettingsApplication Data ApplicationName
You can read/write them at runtime.
For Vista and Windows 7, folder is
C:Users username AppDataLocal ApplicationName
or
C:Users username AppDataRoaming ApplicationName
Application scope
Application scope settings are saved in AppName.exe.config
and they are readonly at runtime.
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