No, you need to open My Computer (or hold the Windows key and press E on your keyboard). Find the folder in which you installed EUR (probably under Program Files -> Paradox Interactive -> Europa Universalis - Rome) and look in the folders there.
Now, what exactly do you want to mod? The folders and the files within them are very daunting at first, so it might help us to guide you if you know what you want to change.
First thing you'll have to do is get a better text editor. I know I suggested NotePad, but it's only a very basic program. I personally use
TextPad, but I've also tried
EditPad and
UltraEdit, they're all good alternatives. They all use tabbed editing, so it's much easier to organise the workspace on your computer.
Often the easiest things to mod are in
common\defines.txt and
common\static_modifiers.txt - those are all things that have an immediate effect in the game. You can change things like the cost for assassinations, how long it takes for cores to be gained on provinces, or what the effects of having a war are (such as the popularity loss for your ruler, etc).
Then you can start looking at things like events. Open the Events subfolder and find an event you recognise and use that to try and understand how the event works. Every event is either a
character_event,
province_event or
country_event - these set what's called the
scope of an event, basically what the focus of the event is. They all then check
triggers and, if those triggers are met, will happen in an average period of time (or
mean time to happen, shortened to
MTTH). The event files then determine what the effects of those events are and what options you have.
It's pretty complicated but once you have a look at a few and maybe tinker with some events you might start to get the hang of it. As I mentioned, if you have something in particular that you want to do, we might be able to guide you in the right direction.
That, and the only way to extend the time later would be to edit the .exe file, which is one of the forbidden arts of modding. I'm kinda surprised that my thread several months back showing how to extend the time period by hex editing wasn't shut down...
In any case, modding the .exe is something you'll want to avoid. It'll void tech support (much like opening a TV would void its warranty) and you might cause stability issues.