The main application install is all right, but you cannot install user content in there, not in Win 7 anyway.
Your user content should be stored by default into the Documents area in a folder called My Library (it used to be called Content in DS3, so you could still call it that if you want to)
My content is installed to C:\Users\<My Username>\Documents\DAZ 3D\Studio\My Library, but the name of the folder holding the content is not crucial, and you could use ‘Content’ instead. The vital thing here is not to use the Program Files area, as it is protected by Win7
Once installed, you will have to tell DS3 where to find it in Edit > Preferences.