Nope. You can't access it in Notepad. If you're using Windows XP or 2000, a
PST file is a hidden file. Make sure you're searching for hidden or system
files.
OH, and if you're using Exchange Server, you won't have a PST file. AT that
point, the Deleted Items folder is stored on the server, in your mailbox.
(still not accessible as a separate file)