The cracked version saves are in:
In the above location Program Data is a hidden folder. Make Windows show hidden files to be able to see it.
The original (non-cracked game) saves are in:
C:\Program Files (x86)\Ubisoft\Ubisoft Game Launcher\savegames\[a long series of numbers and letters]\46
The savegames folder is not a hidden folder. Just installing Far Cry 3 does not create it. It does not show up until after you have actually started a game. For sure by the first checkpoint in the game. If you have installed Far Cry 3 on several PCs in your house via Steam using the same login, the game saves in the above 46 folder are transferable between your house PCs.
The game saves remember the money saved, all the weapons owned, weapon addons paid for, crafting done already (rucksacks, ammo pouches, etc.), bases captured or uncaptured, etc.. All progress in the handbook is remembered: weapons acquired, skills acquired, relics, memory cards, letters, recipes, "path of the hunter" missions completed, etc.. Money stashes not hidden in boxes are renewed same as in regular game play when going away and coming back to the same spot. Loot boxes that were emptied are NOT refilled. They remain empty. Same as in regular game play. Resetting the outposts does not change any of this.
You can archive various game saves such as the most advanced ones, in order to avoid spending a lot of time to get to the same point on another PC in the house. It is especially useful once you have captured all the bases, bought all the weapons and customizations, maxed out your money, filled most of your bag with medical plants, and reset the outposts. A game save at that point allows one to travel the whole map without playing missions. You can capture any base, and can set the gameplay difficulty all the way up to master level. You don't have to worry about capturing all the bases, nor about money and healing. Because you can always use the game save to start over with fresh bases, money, and healing plants.
You can also save the intermediate game saves too if you want to be able to replay missions. Label the saved folders so you remember. Normally, Far Cry 3 does not allow replaying individual missions once they are completed. You have to start from the beginning to get back to a mission. Archiving is a way to get around this. Archiving is also a good precaution in the event the game crashes and loses game saves. Or if Steam cloud synchronization loses the game saves. Some people prefer to turn off Steam cloud synchronization in settings. So each PC has its own game saves. Useful when multiple people are playing the game on various PCs in the residence.
The cracked-version game saves are in a different format, and are not transferable with the Steam/Ubisoft game saves.