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Your applications are stored in the iOS file system, so you'll find it useful to understand the folder structure of the iPhone and iPad.
On the desktop, the contents of the iOS Simulator is stored in the ~/Library/Application Support/iPhone Simulator>/<version_no>/ folder.
NOTE The ~(tilde) represents the current user's directory. Specifically, the preceding directory is equivalent to the following:
/Users/<username>/Library/Application Support/ iPhone Simulator>/<version_no>/
Note that in Lion, the Library folder is now hidden. To view the Library folder, you can select Go Go to Folder..., and then enter “~/Library.”
Within this folder are five subfolders: