The files and directories preferences allow you to change where you want 'wossnames' and 'whatnots' stashed. For example, if you are a wave-file collector then perhaps it would be better if you saved your sounds in a subdirectory to powwow32 or perhaps even outside the main Tribal Voice directory (in case you get stuck on the word directory it's the same thing as a folder in win95/98/NT or Mac).

Another thing you can do here is specify which sound file to play when PowWow wants to alert you of something.

The Graphical Beginner's Guide to PowWow