Well it depends. If you have a shared folder from a remote PC setup as a network drive on your PC then yes it will show up in My Computer as a network drive. Otherwise it should show up in My Network Places as a workgroup computer, and then under that as whatever folders you have shared. So if you double clicked My Network Places and then View Entire Workgroup and then the computer you wanted to see you should get the same result.
The thing is that sometimes Windows doesn't resolve all of this properly and when you go to My Network Places you get an empty window. You don't need to type \\ip address, you g=could use the name of the computer you want to go to in place of the IP address.
Something to check would be that the Computer Browser service is running. It gave me a whole bunch of problems with my network before I finally got it worked out. I am running a domani, so it might be slightly different for you. Anyway on any given network one PC needs tobe what is called the master browser. This is the computer that will make a map of the network every so often, and then send it out to the rest of the network. It seems that Windows sometimes has trouble electing just one PC as the mster browser, and when that happens you get no network "map". In my case I needed to manually disable the service on all but one PC, shutdown everything, and then reboot. In any case you would wnt to check and make sure it is running on both PCs. If it already is and you get nothing in My Network Places then try diabling it on all but one.