It is a variable placeholder for the user name in a computer (%username%).
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A folder in which windows 2000/xp is installed.
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It means the "system32" folder inside whatever the system folder of the currently running version of Windows is. It may be, in fact probably is (at least 90% of the time), C:\Windows\system32, but the point of using the %SystemRoot% specification is that even if you've somehow managed to install Windows in some nonstandard location, that will point to the correct directory.
It's a way to define where the Windows System Root folder is that's applicable to different versions of windows. You can actually type "%SystemRoot%" in an explorer window and it will take you to the system root. For example: The system root of XP and newer is C:\Windows The system root of NT is C:\WINNT
username:20craft68ca password:magpie