IWAD LOCATION
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The Launcher searches specific locations for your Iwads. 

Assuming you installed Risen3D to your 'C' drive these directories would be as follows ....

c:\Risen3D
c:\Risen3D\iwads
c:\Risen3D\data


Alternatively, you can use DOOMWADDIR to set the path as an Environment Variable.

For Win98 and ME edit your autoexec.bat.
Example: SET DOOMWADDIR=C:\IWADS assuming your Iwads are contained in the C:\IWADS Directory.

For Win2K, XP, Vista and Windows 7 ( or other NT platforms )
Right click on My Computer in Windows Explorer > Properties > Advanced > Environment Variables and add the following - Variable DOOMWADDIR   Value C:\IWADS 

Note: The launcher will always check the Environment variables before any of the above locations.

If you are still not sure what to do - place your Iwad(s) in the folder you installed Risen3D.