Click on the Google Drive icon in your system tray (usually bottom right of your Windows task bar)
Choose Preferences
Choose Disconnect account, your Drive will be disconnected but your files will stay on your PC
Click on the Google Drive icon again
Sign in when asked, step through the set up until you reach screen 2 of 2 - then click Advanced setup
Click Change to choose the folder name and location - if you choose an existing folder it must be empty
Your files will now be re-synced down to your PC in this new location
Delete the old folder and files - if you want to.
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An alternative method, without disconnecting your account:
Click on the Google Drive icon in your system tray
Choose Quit Google Drive
Now move the Google Drive folder within Windows Explorer to a new location
Restart Google Drive from Start --> All Programs
Google Drive will warn you that it can't find the folder, click on the Google Drive icon again and choose Error - Google Drive folder is missing
A window will open up, choose Locate folder and go find the new Google Drive folder.
http://gappstips.com/docs-tips/view/106/change-the-google-drive-default-folder