Think of the product as the house that contains all the plugins, phrases, templates, etc. When you add your Install/Uninstall code to the Product, it doesn't get executed - it's only run at Installation/Uninstallation.
You can place your new PHP file wherever - depending on what its purpose is; if it's to be accessed by users, then it should probably be right below your forum directory.
Make sure your testboard is in debug mode, so you can access the developer options when creating new phrases and templates. You'll see a dropdown box below the Phrase/Template title where you can select a Product that it will go along with.
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