Where is the iPhoto library folder?

Hello,

I know this sounds kinda dumb, but I can no longer find the iPhoto folder that has my pictures in it. What I mean is, if I go to a Finder window and I click on "Pictures", it accurately lists all of my pictures that are on my MacBook Pro. However, there is no longer a folder there that I can open for my iPhoto pictures---instead, it's an icon of ALL of my iPhoto pictures. Does this make sense what I'm asking?

In other words, let's say I wanted to choose a single photo as my avatar for a certain webpage. Okay, so when the directory window opens up to allow me to navigate to the specific photo I want to use, in the past I have always clicked on "Pictures", and then I could see a FOLDER that I could click on to open it up. Once inside that folder, I saw the long list of picture categories (such as Events, Photos, Last Import, Faces, all of my custom folders, etc, etc, etc). But now, the only choice I have is to click on "iPhoto Library"---all 75 GB's of it! I don't want thousands of photos---I just want ONE. What happened to the folder that used to be there?

I am using iPhoto 11 (the latest updates are in it), Mountain Lion 10.8.1, and a MacBook Pro.

Thank you!