FAH installs it there by default so I imagine so.
Aha... it appears that you have downloaded the GUI client, at one point, because the GUI creates the F@H directory. The console version starts, from wherever you put it. And the GUI client doesn't clean up it's tracks when you use the uninstall from the program list.
Try stopping the console client service, and delete the Folding@home directory, do a search, and delete any other instances of the folding client. Make sure that you "disable" the current service, once you've stopped it.
Then, create a new folder, either C:\fah or c:\programfiles\fah, download a new copy of the console client to it, and launch. The first time, if there is not already a "config.cfg" file out there, you'll be asked to enter your name/team number and preferences, etc.
You should also see a new "service" in your services window. Again, Make sure the first one is "disabled".