This is mostly just a note to myself since this info is readily available elsewhere on the web, but… Given that the ~/Library directory is hidden in Lion (and presumably beyond) you’ll need a bit of terminal magic to see it.
To unhide the Library directory, type the following into a Terminal window:
chflags nohidden ~/Library/
Note that you may need to redo this in the future, as the Library seems to disappear from view after some (all?) OS updates. Or maybe it’s when you repair permissions. Regardless, this folder has a nasty habit of disappearing.