I feel stupid asking, but I can't seem to find the answer to this anywhere. I'm trying to follow these instructions to edit my bash prompt,but there is no .bashrc in either my user directory (~/.bashrc), or in my home directory, or in the main file system directory.
There is no .bashrc in /etc/ (there is a bash.bashrc, however).
Do I create a .bashrc file in my user or home directory? Is there a better, more recent set of instructions for modifying the bash prompt?

/etc/. There should be a .bashrc file in your home directory. Try to open/edit~/.bashrc. But before that I should also ask if you are new to Linux. If you are new to Linux, then I can post detailed instructions here. – Ankit Apr 28 '12 at 15:44