[Cyclone]

You should only have one folder, the EQ folder.

Example:
C:\Program Files\Sony\Everquest (Win Xp)
or where ever you installed the game at.

If you updated via the Sony launcher, then you are in trouble, you will have to reinstall the game.

My sugestion for you either case is uninstall the game and reinstall it, change the destination folder to C:\Everquest instead of the default so that you know exactly were you have the game.

Then download this program which will take the guess work out of what you have to change:
EQEmu Launcher

1. Extract to a Desktop folder.
2. Open EQEmuLauncher.
3. Select Project1999 server and hit Monitor button.(Should tell you now you are monitoring Project1999 server)
4. Now select Options, located at the bottom left.
5. Client Type=Titanium.
6. Folder Path= Where you installed EQ.
7. Exe path=same with EQ path. (should automaticly select eqgame.exe after you select the first path)
8. -Optional- If you have more than 1 core I suggest checking "Use one CPU"
9. Hit save.
10. Close the option windows.
11. Click Play -This will auto patch, delete the necessary files and launch the game-

If this does not work for you then either you do not have Titanium client or your system is not allowing the game to run properly.

Hope this helps you.