\Windows\Fonts is a special folder. When Windows Explorer reads/searches that folder, Windows does a trick and rather than looking in the actual folder it enumerates the contents of a registry key, typically HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\Fonts, which lists the
installed fonts. Since your font isn't installed yet, it isn't listed.
If you were to start a Command Prompt (i.e., DOS box) and navigate to \Windows\Fonts and do a DIR command, you'll probably see your font file.
I suggest you save your font in some other folder in order to work on it in VOLT or whatever tools you need, and then do a normal font install when you are ready to use it.
For help with VOLT, look at the Resources listed on
http://www.microsoft.com/typography/volt.mspxAre you sure you really need VOLT? When you say you want to change BlackChancery TT to OT, what exactly do you mean? TrueType font files are, by definition, in "OpenType font format", so it may be they already are in the format you need -- what is it about "OT" that you need? If you simply want it to have the OT icon, then the font needs a digital signature, which is not a VOLT operation. On the other hand, if you want to add advanced typographic functions (glyph substitution and positioning), then you can use VOLT to add the GSUB and GPOS tables.
Bob