Presets for FabFilter Volcano 2 are stored in separate files with the .ffp extension (for FabFilter Preset). All presets reside in subfolders in the main preset folder. The subfolders will show up as separate categories in the preset menu. You can also further divide the subfolders into categories.
You can manage the preset files just like other files on your computer. The easiest way to do this is in the Save dialog that appears if you are saving a preset. The preset menu will automatically reload itself with the changes when the dialog is closed.
Furthermore it is very easy to share your newly created presets with other users since FabFilter presets use the same file format on both Windows and Mac OS X.
The default location of the main preset folder is My Documents\FabFilter\Volcano 2 for Windows, and ~/Library/Audio/Presets/FabFilter/FabFilter Volcano 2 for Mac OS X. To change this location, first copy all presets to the desired new location, and then click Options > Change Preset Folder in the preset menu and select the new folder.
If you have accidentally lost the factory presets, you can easily restore them by clicking Options > Restore Factory Presets in the preset menu. This will install all factory presets again.
Next: Purchasing FabFilter Volcano 2