Any album you have created in the Elements Organizer will appear in the Albums and Folders panel on the left-hand side of the Media Browser. (If you can't see the Albums and Folders panel you will need to click on the Show Panel button in the Taskbar at the bottom of the screen.)
To list the Albums you have created, click on the Albums button at the top of the Albums and Folders panel, then click on the little arrow to the left of the My Albums heading. (You can't search for this Album using Windows' File Explorer - this is just the Elements Organizer's way of grouping a number of images together; it doesn't create a new folder with that Album name on your computer).
To create a new folder on your computer from inside Elements Organizer, you need to use the same Albums and Folders panel, but this time click on the Folders button at the top of the panel.
Click on the little menu icon to the right of the My Folders heading:
and choose View as Tree. Then right-click on a parent folder in the folder tree that you have permission to create new folders in, and choose the New Folder option.