I'm sorry, I don't know if that other person asking earlier wasn't able to find a solution, or he did but won't tell you the solution because he hates you again. Anyway, I wasted time trying to find something for you instead, here we go.
From the official MilkDrop 2 documentation (yeah, who would look there...):6. Known Issues / Misc. / Tips:
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c. Windows Vista / Winamp with per-user settings
Be aware that if you're running Vista as a non-admin user,
you can't write to (or delete from) files in the Program Files
directory, which is were MilkDrop 2 is installed. So, anything
you try to write or save (like milkdrop's settings file, milk2.ini;
or presets) will probably end up deep in some user-specific,
virtualized "Program Files" directory somewhere on your hard
drive. Yell at Microsoft for this one!
Also, if you installed Winamp with per-user settings (instead of
shared settings) - on any OS, not just Vista - be aware that your
.INI files (milk2.ini, milk2_img.ini, milk2_cfg.ini) are all
stored in a folder like this:
C:\Documents and Settings\\Application Data\Winamp\Plugins
(Note that 'Application Data' is a hidden folder.) However,
presets, textures, and things like that are all shared between
users, in the real [c:\Program Files]\winamp\plugins\milkdrop2 folder.
If you want to keep your presets separate, you can still do that,
though - just put them in a personal folder, and then seek to it
from within MilkDrop. If you're using per-user settings in Winamp,
it will remember which folder you last used.
As you can see, there are a lot of information of dubious relevance to Shpeck, however the directory in question is always the folder you set on its Preferences page - either as it is, or with \Plugins\ added. And when I tried MD2 with that folder being write-protected, or just the "milk2.ini" or temporarily generated "milk2_adapters.txt" in it, weird things happened (like no graphics adapters were enumerated, or no settings could be saved, obviously).