Get Site Statistics thru IIS Log

I have a .NET site and want to get the site stats of this site thru IIS log files. I need a few clarifications on this.

1) Where is the log file stored? (Search results have given the exact path of the log file - But I want to know, if it could be extracted / modified in my code)

2) How frequently is the log file updated? Could it be changed?

Thanks in advance.

Sangeetha
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