Yes. It will be stored in the same format as it was when you made the attachment. You need access to the server to get to those files. The other way is to ask your server admin to grant shared access to the attach folder which you can map it to your network drive and access from your pc.
I have a similar issue with the names of the automated scripts stored in QC. I am planning to implement a plug-in to a third party tool (VersionOne) that requires the physical location of test scripts. Is there a way that I can set a user-defined field to display the filename path or some other method to indirectly retrieve this information?