No that is not the right location (in the image above), you should extract the content to the location you keep your Projects.
By default, that folder is:
Make sure you remove the OceanProject folder from:
C:\Program Files\Epic Games\4.9\Engine\Source
and move it (or extract a new copy) to the projects folder in your documents. Once it is there, open the folder and double click the OceanProject.uproject file to open it in UE4.
The Source folder Nsomnia was referring to is the Source folder in the OceanProject folder itself. If you are just trying to run the project you can ignore that part.