The location of the preferences folder is depends greatly on the OS you are using.

Why don't you update your version? Version 4.2.2 is out already (damn they are going fast!). Try it.
EDIT: Try it because the newest versions connect to the network much faster than the previous ones.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-